Britain’s Inflation Rate Soars to a 40-Year High

 

Consumer prices increased by 9% year on year through April, the fastest rate since March 1982, according to the Office for National Statistics in a report released on Wednesday. 

Inflation in the United Kingdom has reached its highest level since Margaret Thatcher was prime minister 40 years ago, increasing pressure on the government and central bank to act. 

The increase is more than double the rate of basic wage growth, putting downward pressure on consumer spending power. The pain is only going to get worse, with the Bank of England predicting double-digit inflation by October, when energy prices are almost certain to rise again.

The increase in energy prices, which reflected a surge in wholesale markets, drove a 54 percent increase in consumer bills in April, up from 7% in March. Fuel prices also played a role, reflecting higher oil prices following the Ukraine war. In April, both gasoline and diesel prices reached new highs. 

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