British inflation surged to a 40-year high of 9% in April as food and energy prices elevated, increasing the country’s cost-of-living crisis.
Source: Office for National Statistics
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Consumer prices increased by 2.5% month-on-month, below the estimates for a 2.6% jump in a Reuters poll of economists that had expected a 9.1% annual jump.
The 9% increase in the consumer price index is the highest since the record started in 1989, surpassing the 8.4% annual jump reported in March 1992.
Grant Fitzner, the chief economist of ONS, stated that inflation rose sharply in April, driven by a sharp increase in electricity and gas prices as the high price cap came into effect.
UK’s producer price inflation also showed positive growth of 14% in the year to April 2022, from 11.9% in March 2022, the highest rate since July 2008.
Food products, metals, and non-metallic minerals led to the largest upward contributions to the yearly rates of output and input inflation.