Bills push inflation to highest in more than a year
Summary
Inflation in the UK reached 3.5% in April, higher than the previous month and above expectations. The increase was mainly due to rising costs for household bills like water, gas, and electricity. This rise places inflation above the Bank of England's target and raises concerns about future economic measures.Key Facts
- UK's inflation rate was 3.5% in April, up from 2.6% in March.
- The increase is the highest inflation rate in more than a year.
- Major contributors to the rise were increased prices in housing, transport, and recreation.
- Water and sewerage prices rose by 26.1% in April, the largest rise since February 1988.
- Airfares and food prices also pushed inflation higher.
- The cost of services rose by 5.4% in the year to April due to changes in employer National Insurance contributions and a higher minimum wage.
- Core inflation, which excludes energy and food prices, also increased more than expected.
- Inflation concerns have led to uncertainty about future interest rate changes, with fewer expected cuts.
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