Lower fuel prices cut living cost

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The Consumer Prices Index (CPI) - the official measure of annual inflation - rose by 2.8% last month, easing back below the 3.1% level recorded in March, which forced the Bank of England to explain in writing to the Chancellor why it had risen to its highest level for at least 10 years.

The fall in CPI came on the back of drops in electricity and gas prices, according to the Office for National Statistics (ONS), and will take pressure off the Bank.

Bank of England governor Mervyn King must write to the Chancellor if inflation hits more than 1% above or below the Government's 2% target and he has write again if CPI fails to come back down within the threshold after three months.

The drop will give hope to homeowners that the Bank will not be pressured into rising interest rates again after the quarter-point increase to 5.5% earlier this month.

The ONS said CPI had eased to levels not seen since the beginning of the year, thanks largely to the recent spate of energy bill cuts kicking in.

Power suppliers have been reducing prices since March after wholesale costs came down.

British Gas was the first to announce cuts, dropping gas charges by 17% and electricity by 11% in March, followed closely by a further 6% fall in electricity and 3% drop in gas tariffs.

The ONS figures also showed that the Retail Prices Index (RPI) - often seen as a more representative measure of inflation as it includes housing costs - also fell sharply in April.

It dropped to a rate of 4.5%, down from 4.8% in March which was its highest level for more than 15 years.