UK inflation hits 40-year high of 9.0%, squeezing households harder

UK inflation jumped to 9% in April, its highest yearly rate since 1982, surpassing the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults

Ef:Busıness-Macromatters, Boe

5/18/2022 8:00:00 PM

UK inflation jumped to 9% in April, its highest yearly rate since 1982, surpassing the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults

British inflation surged last month to its highest annual rate since 1982, pressuring finance minister Rishi Sunak to offer more help for households and the Bank of England to keep raising interest rates despite a risk of recession.

RegisterSoaring energy bills were the biggest inflation driver, reflecting April's increase in regulated energy tariffs. Knock-on effects from Russia's invasion of Ukraine mean those bills are likely to jump again in October.Households face the biggest cost-of-living squeeze since records began in the 1950s, Britain's budget forecasters say, and consumer confidence has sunk towards all-time lows.

A survey on Tuesday showed two in three people had kept their heating off when they would normally have turned it on, almost half were driving less or changing supermarkets and just over a quarter say they have skipped meals.On Monday, BoE Governor Andrew Bailey told lawmakers food price rises were a major worry as he apologised for "being apocalyptic for a moment".

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UK inflation jumps to 40-year high of 9% as food and energy prices spiralU.K. inflation soared to a record high of 9% in April as food and energy prices spiraled, official figures revealed Wednesday, escalating the country's cost-of-living crisis. KABOOOM 💥💰 💪 🥩 RT Like & Follow 🔔 Buying a fractional amount of bitcoin after each paycheck helps retain wealth relative to the real value of goods and services. I would suggest gold too but it’s really hard to buy $10 worth of gold and really easy to buy $10 worth of bitcoin.

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