According to a new study, more than four out of five people in the UK are worried about rising living costs and their ability to meet basic needs such as food and energy in the coming months.
Tolga Akmen | AFP | Getty Images
LONDON – Rising food and energy prices pushed UK inflation to a 40-year high of 9% in April, official figures released on Wednesday, adding to the country’s cost of living crisis.
Consumer prices rose 2.5% month-on-month, a fraction less than the 2.6% growth expected by economists in a Reuters survey, which projected 9.1% annual growth.
The 9% growth in consumer price index records is the highest since their current form began in 1989, surpassing the 8.4% annual growth posted in March 1992 and much higher than the 7% seen in March this year.
The Office for National Statistics recently released model CPI data on an indicative basis for the previous period and said that its new estimates indicate that inflation will remain high “around 1982, where estimates ranged from about 6.5% in December to about 11% in January. . “
Since April 1, the UK’s energy regulator has increased the cap on household energy prices by 54% following a rise in energy prices, including a record rise in global gas prices. The regulator, Ofgem, did not rule out further cap growth in its periodic review this year.
The Bank of England has raised interest rates in four consecutive meetings, raising borrowing costs from a low of 0.1% in its historic pandemic era to a high of 1% in 13 years, as it looks to curb fugitive inflation without stopping economically. Increase
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