UK Inflation Hits 40-Year High Of 9%
In April, UK inflation jumped to a more than 40-year high, partly due to rising food, energy and fuel prices, as well as the ongoing conflict in Ukraine.
According to the most recent data from the Office for National Statistics (ONS) on Wednesday, the consumer price index (CPI) measure of inflation rose to 9%, the highest it's been since calculations began in 1997. Additionally, the ONS estimates that CPI hasn’t been higher since 1982 when it peaked at around 11%. This is up from a 30-year high of 7% seen in March.
Chancellor of the Exchequer Rishi Sunak commented, "Countries around the world are dealing with rising inflation. Today’s inflation numbers are driven by the energy price cap rise in April, which in turn is driven by higher global energy prices.”
"We cannot protect people completely from these global challenges but are providing significant support where we can, and stand ready to take further action," the chancellor continued.
