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UK inflation rate jumps in April UK inflation rate more than doubles in April
(32 minutes later)
The UK inflation rate rose to 1.5% in the 12 months to April, up from 0.7% in March, official figures show. Clothes prices rose again in April
The difference was mainly due to price rises this year compared with falls at the beginning of the covid pandemic, the Office for National Statistics (ONS) said. The annual UK inflation rate more than doubled in April, rising to 1.5% from 0.7% in March, official figures show.
The rise "was seen most clearly in household utility bills and clothing prices", it said. The difference was mainly due to price rises this year compared with falls at the beginning of the pandemic, the Office for National Statistics said.
A rise in the price of crude oil also led to higher petrol prices, it added. It means inflation is now at its highest level since March 2020, at the outset of the covid pandemic.
Rising clothing and energy costs were the main factors behind the increase, the ONS said.
A rise in the price of crude oil also led to higher petrol prices which were now at their highest level since January 2020, it added.
Two weeks ago the Bank of England said that UK inflation is heading above its 2% target and it expected it to hit 2.5% at the end of 2021.
That is due to a rise in global oil prices and the expiry in September of covid emergency cuts to value added tax (VAT) in the hospitality sector, as well as comparisons with the pandemic slump of 2020.
The Bank thinks inflation will then slip back to 2% in 2022 and 2023.