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Inflation in UK breaks 40-year record

According to the statistics office, the main contributor to soaring inflation is the rising cost of electricity, gas and other fuels, which, subsequently, drives the housing prices up.

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London: The annual inflation rate in the United Kingdom climbed to 9% in April from 7% a month earlier, hitting a 40-year high, the UK Office for National Statistics said on Wednesday.

The new data suggested that the inflation indicator – the Consumer Price Index – was higher 40 years ago. Back then, in 1982 the estimates ranged from 6.5% in December to almost 11% in January, the statement read.

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According to the statistics office, the main contributor to soaring inflation is the rising cost of electricity, gas and other fuels, which, subsequently, drives the housing prices up.

In general, the UK witnessed a 54%-increase in energy prices in April, with a major increase in motor fuels, by 31.4%, which in turn, led to surging transport costs.

In early May, the Bank of England raised its forecast, predicting that inflation in the UK will reach an all-time high this year, exceeding 10% in the fourth quarter, as surging food and energy prices are being compounded by the Ukrainian crisis.

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