Inflation in the UK hit a four-decade high of 9% in April as higher energy prices inflated household bills, exacerbating a living crisis that is squeezing real consumer incomes.
The consumer price index has grown at the fastest rate since 1982, rising sharply from 7% in March, according to the ONS statistics service.
Economists expected inflation to reach 9.1%.
The rise in inflation is largely due to the revision of the energy price ceiling, which limits the rates a supplier can charge for bills and is revised twice a year.
In April, the British regulators implemented a 54% increase in the price of the ceiling after the rise in world gas prices.
Consumer prices on a monthly basis in April stood at 2.5%.
The structural index stood at 6.2% in April (on an annual basis), from 5.7% in March.
Economists estimate that UK inflation will remain high for the rest of the year due to high commodity and food prices, but expect it to fall sharply in 2023.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
