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MNI BRIEF: UK April Inflation Hits 9% As Energy Costs Soar

(MNI) London
(MNI) London

Inflation at highest level since early 80s as higher energy prices send prices sharply higher.

True

UK inflation hit an annual rate of 9.0% in April, jumping two full percentage points from the 7.0% pace recorded in March, according to data released by the Office for National Statistics on Wednesday. Electricity and gas prices provided the biggest upward contribution to CPI, after the rise in the energy price cap took effect in April. Electricity prices added 0.67 percentage points to the change in CPI, while gas prices added 0.86 percentage points.

The surge in prices takes UK inflation above the prevailing measure in other developed countries. Eurozone inflation hit an annual rate of 7.5% last month, while U.S. inflation rose to 8.3%. It leaves CPI well above the Bank of England's 2% price target, although it comes in largely in line with their recent April forecast.

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UK inflation hit an annual rate of 9.0% in April, jumping two full percentage points from the 7.0% pace recorded in March, according to data released by the Office for National Statistics on Wednesday. Electricity and gas prices provided the biggest upward contribution to CPI, after the rise in the energy price cap took effect in April. Electricity prices added 0.67 percentage points to the change in CPI, while gas prices added 0.86 percentage points.

The surge in prices takes UK inflation above the prevailing measure in other developed countries. Eurozone inflation hit an annual rate of 7.5% last month, while U.S. inflation rose to 8.3%. It leaves CPI well above the Bank of England's 2% price target, although it comes in largely in line with their recent April forecast.

Keep reading...Show less