The British Independent Retailers Association has said the inflation rate fall to 2.3% is a good step to help bring people back to the high street – but stresses the Bank of England needs to now reduce interest rates too.

Bira, which works with over 6,000 independent businesses of all sizes across the UK, has reacted to the news that the UK inflation rate has fallen to a figure just below the Bank of England's target of 2%. This marks the lowest level in almost three years.

The fall, which is the lowest level in almost three years, means prices are still rising but just at a slower rate. Energy prices are at the heart of this, as they fell by 27.1% in April.

Andrew Goodacre, CEO of Bira said: "Inflation has fallen lower than expected and is now only slightly above the Bank of England target of 2%. Although the services sector and core inflation has not fallen as much, we hope that the Bank of England will have the confidence to reduce interest rates.

"Reducing interest rates is crucial to fully restoring consumer confidence and bring people back to the high streets," he said.