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Inflation falls to two-year low
UK inflation dropped in April taking the Consumer Prices Index measure to three per cent.
The rate fell from 3.5 per cent in March, the Office for National Statistics (ONS) said.
The figure was attributed to a fall in transport prices.
This is the first time this Parliament that Bank of England Governor Sir Mervyn King has not had to write an open letter to Chancellor George Osborne to explain why the two per cent target has been missed.
An open letter is required if the CPI rate remains above three per cent or under one per cent for three months consecutively.