35.7 C
Bangkok
Friday, March 29, 2024

Britain’s inflation rate surges to a 40-year high of 9%

A pedestrian passes a closed-down shop in London on May 12, 2022. (AFP file photo)

UK inflation rose to its highest level since Margaret Thatcher was prime minister 40 years ago, adding to pressure for action from the government and central bank.

Consumer prices surged 9% in the year through April, the fastest rate since March 1982, the Office for National Statistics said Wednesday in a report that marked a bleak moment for living standards. Economists had expected a reading of 9.1%.

The surge from 7% in March came from an increase in energy prices, reflecting a surge in wholesale markets that drove a 54% in consumer bills in April. Fuel prices also contributed, reflecting higher oil prices after the war in Ukraine. Both petrol…

Read more…

Latest Articles