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UK inflation rate rises to 1.8% in April UK inflation rate rises to 1.8% in April
(35 minutes later)
The UK inflation rate, as measured by the Consumer Prices Index, rose to 1.8% in April from 1.6% in March, according to the Office for National Statistics. Higher fares for flights and ferries helped to push the rate of inflation up in April, the first increase in the rate for 10 months.
It is the first time in 10 months that the rate has risen. The Consumer Prices Index, rose to 1.8% in April from 1.6% in March, according to the Office for National Statistics.
Higher transport costs, including air and sea travel, helped to push the inflation rate up. The ONS said the timing of Easter, which fell in April this year, was likely to have had an impact on travel costs.
The rate of inflation as measured by the Retail Prices Index (RPI) was unchanged at 2.5%, the ONS said.
The ONS said the timing of Easter was likely to have had an impact on inflation last month, noting that both air and sea fares were higher during the Easter holidays which fell in April this year and in March last year.
It said the cost of petrol was also higher than the same month a year ago.It said the cost of petrol was also higher than the same month a year ago.
However, these prices were offset to some extent by a fall in the cost of food. The increase in travel and fuel costs were offset to some extent by a fall in the cost of food.
Despite the increase, the rate of inflation is still below the Bank of England's 2% target for inflation. April's rise in the CPI rate suggests that the cost of living is once again increasing faster than wage rises. The most recent figures on earnings showed that they rose at an annual rate of 1.7% in the three months to February.
However, Ben Brettell, economics editor at stockbrokers Hargreaves Lansdown, said he still expected wages to outpace inflation in the long term.
"It looks like we could see a period of modest real wage growth with wages increasing marginally faster than prices over the next year or so."
The rate of inflation as measured by the Retail Prices Index (RPI) was unchanged at 2.5%, the ONS said.
Rise 'a blip'
Despite the increase in the CPI inflation measure, the rate is still below the Bank of England's 2% target for inflation.
Last week, Bank of England governor Mark Carney said he expected the rate of inflation to remain below its target for the next two years.Last week, Bank of England governor Mark Carney said he expected the rate of inflation to remain below its target for the next two years.
The increase means that the cost of living is rising faster than wage increases, which the most recent figures show rose by 1.7% in the three months to February. Capital Economics economist Samuel Tombs said the rise in the rate was "a blip" due to the timing of Easter.
"Prices for many goods - such as airfares - were boosted by the Easter holidays compared to a normal level of prices in April 2013. Clearly, this boost to the annual inflation rate will unwind next month," said Capital Economics analyst Samuel Tombs. "We continue to think that Consumer Price inflation should ease to as low as 1% by the end of this year and remain comfortably below the 2% target in 2015," he said.