It was already at 7% at the end of March. Mainly due to the increase in energy prices.
The inflation rate jumped to 9% in April year-on-year in the UK, a 40-year high, mainly due to energy prices, which is expected to increase the cost of living crisis. At the end of March, the inflation rate stood at 7%, specifies the National Statistics Office in its monthly report on Wednesday (ONS). The ONS notes that the rate for April is the highest since inflation statistics have existed, namely 1989, but that according to estimates, this rate “should have been higher for the last time around 1982“.
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“Inflation rose sharply in April, driven by a sharp jump in electricity and gas pricesbecause of an increase in the price cap, commented Grant Fitzner, chief economist of the ONS. “Steep year-over-year increases in the cost of metals, chemicals and crude oil also continued, as did higher prices for products leaving the factory“, he adds.
Inflation greatly accelerated by energy prices
Chancellor of the Exchequer Rishi Sunak argued in a statement that “countries around the world face rising inflationand that April in the UK came from energy, boosted by prices on world markets. “We can’t fully protect people from these global challenges, but provide significant support where we can, and stand ready to do more.“, he added.
Criticism is mounting over government action seen as insufficient in the face of the cost of living crisis, which many organizations see as government inaction as millions of Britons now have to restrict their meals or their heating. On Monday, Bank of England Governor Andrew Bailey described the situation as “apocalypticfor food prices and warned that inflation, which is expected to top 10% by the end of the year in the UK, could soar even higher if Ukraine fails to export its crops.
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