Inflation: UK inflation more than doubles to 1.5% in April

British consumer price inflation more than doubled in April to stand at 1.5%, up from 0.7% in March, official figures showed on Wednesday.

A Reuters poll of economists had pointed to a rise in inflation to 1.4%.

A jump in regulated electricity and gas bills and higher clothing prices helped to push inflation up.

Core inflation, which excludes energy prices and other volatile items, rose by 1.3% in the 12 months to April, the Office for National Statistics said.

The Bank of England says inflation in Britain is heading above its 2% target and will hit 2.5% at the end of 2021 thanks to a rise in global oil prices and the expiry in September of COVID emergency cuts to value-added tax in the hospitality sector, as well as comparisons with the COVID slump of 2020.

The BoE thinks inflation will then slip back to 2% in 2022 and 2023.

Source link


EU clears banks barred from bond deals after ‘declaration on honour’

Eight banks previously barred from taking part in bond sales for the EU’s €800bn recovery fund have been cleared to handle future transactions...

Newly-single Alex Zane heads out for a lone dog walk following split from wife Nettie Wakefield

Newly-single Alex Zane headed out for a lone dog walk following split from wife Nettie Wakefield on Saturday. The TV presenter, 43, looked downcast...

Anya-Taylor Joy looks effortlessly chic in a plunging white corset

The stars were out in force for Dior's Paris Fashion Week Haute Couture Spring Summer 2023 on Monday afternoon. The Queen's Gambit star Anya-Taylor...

Jackson Warne reveals reason why he hasn’t ridden motorbike following Shane’s death

Jackson Warne reveals the reason why he hasn't ridden his motorbike...

Mr. DIY: The Secrets Behind Do It Yourself Living Room Renovations

Living rooms are the place where you let your visitors stay for a while if you don’t have a dedicated receiving area.