LONDON (AP) — Britain’s inflation rate soared to a 40-year high last month as Russia’s war with Ukraine caused further rises in food and fuel prices.
Consumer price inflation increased to 9% in the 12 months through April, up from 7% last month, the Office for National Statistics said on Wednesday. This is the highest rate since 1982, when inflation reached 11% according to the ONS statistical modelling.
Millions of households across the UK were hit by a 54% increase in gas and electricity bills last month after regulators raised the energy price ceiling to reflect past increases in wholesale prices. The Russian invasion of Ukraine put further pressure on food and energy prices.
The numbers will increase pressure on the government to alleviate a cost of living crisis that economists predict will lead to the biggest drop in living standards since the 1950s.
British media reported on Wednesday that the government may reduce income tax and increase subsidies for low-income people who can’t pay their fuel bills. It is also considering imposing an unexpected tax on energy companies that take advantage of high oil and gas prices.
Former central bank chief economist admits high inflation may last for several years https://t.co/Rqa5SUI9GK
– Breitbart London (@BreitbartLondon) 10 May 2022
Source: Breitbart
