UK inflation rose to 9% in April from 7% in March, representing both the highest inflation rate and highest jump in inflation between months in decades.
The Office for National Statistics said today that the 9% figure, which is almost double the rate the Bank of England expected six months ago, is higher than any annual inflation figure in its dataset that began in 1989. This inflationary spike was mainly driven by the cost of fuel, along with the increase of the Ofgem cap on energy prices, which came in at the start of the month. The largest contributors to the Consumer Price Index including owner occupiers' housing were housing and household services and transport, both of which were primarily due to the price of electricity, gas and f...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
