UK inflation jumps to 40-year high of 9% as food and energy prices spiral
According to a survey, more than half of the U.K. population is concerned by rising living expenses and how they will be able to purchase basic needs like food and fuel in the coming months.
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LONDON — U.K. inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country’s cost-of-living crisis.
The consumer prices increased by 2.5% in the month of March, a fraction below what was expected from a Reuters poll, which forecast a 9.1% increase annually.
This 9% increase in consumer prices index has been the largest since 1989 when records were first created. It is higher than the 8.4% annual growth in March 1992, and much more than the 7% rise recorded in September 1993. 7% seen in MarchThis is the year.
Recently, the Office for National Statistics published CPI model data using an indicative base for older periods. It stated that its latest estimates suggested that inflation would have been greater “somewhere around 1982”, where it is estimated between 6.5% and nearly 11%.
After a spike in energy prices including record-breaking global gas prices, the U.K. regulator for energy increased its household price cap by 54% from April 1. Ofgem, the regulator hasn’t ruled out any further increases in this year’s periodic reviews.
It Bank of EnglandAs it seeks to curb runaway inflation and not halt economic growth, the bank has increased interest rates for four consecutive meetings.
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