April inflation in the UK was 9%, the highest in 40 years

This Wednesday the United Kingdom woke up to a disturbing fact, because the consumer price index in April was 9%which not only means two points above 7% in March, but also This is the highest rate since 1982.according to data released by the National Statistics Office (ONS).

Among the main reasons that led to this rise in inflation was the rise in prices of daily goods and services throughout April, driven by the war in Ukraine. Although the biggest difference is in unprecedented increase of 54% in the cap established in the prices of energy productswho began applying at the beginning of the month.

ONS chief economist Grant Fitzner, stressed on Wednesday that “inflation rose sharply in April, caused by sharp increases in electricity and gas prices, as this higher ceiling began to apply. high in prices.

That new cap, which specifies the maximum price per unit that providers can charge consumers, began in April, resulting in average annual increase in homes for gas and electricity of approximately 2,000 euros.

The expert added that “the high annual increase in the value of metals, chemicals and crude oil also continues, along with higher prices for products leaving factories.”

“This is driven by increases in food products, transportation equipment and metals, and machinery,” he added.

After revealing new inflation data, British Minister for the Economy, Rishi Sunak, warned in statements in the local media that although the government cannot “fully protect the citizens” on global issues that contributed to the rate reaching 9%, they were “providing significant support” and “ready to take further action.”

To curb rising inflation, the Bank of England recently raised interest rates in the UK from 0.75% to 1%, their highest level in 13 years.

That was the entity’s fourth consecutive increase, in an attempt by the English issuing bank to counter the rising cost of living in the United Kingdom.

They expect “apocalyptic price increases”

The Governor of the Bank of England, Andrew Bailey, apologized to British parliamentarians and announced on Tuesday an “apocalyptic rise in food prices around the world”, which would create “a global famine”.

He said he was “nothing to do” in the face of rising inflation, as the economy was hit by the war in Ukraine.

Andrew Bailey admitted he had “run out of riders”, recounting the shocks facing Britain, in rising energy and food costsdriven by a global market force beyond their control.

Prices are rising at the fastest pace in 30 years, creating a “massive revenue shock”, which is expected to strengthen in the coming months, with the risk of double-digit inflation before the end of the year.

With information from EFE

DB