Inflation in Britain reached its highest level in 40 years last month as the war in Ukraine fueled a further rise in food and fuel prices.
Consumer price inflation accelerated to 9% in the 12 months to April, from 7% the previous month, the National Statistics Office said on Wednesday. This is the highest rate since 1982, when inflation reached 11%, according to statistical modeling by the National Statistics Office (SNA).
Millions of households across the UK were hit by a 54 per cent jump in gas and electricity bills last month after regulators raised energy price caps to reflect previous increases in wholesale prices. Russia’s invasion of Ukraine has put additional pressure on food and energy prices.
The data will increase the pressure on the government to alleviate the crisis with the cost of living, which economists predict will lead to the biggest drop in living standards since the 1950s.
The government could cut income taxes and make plans to increase subsidies for low-income people who find it difficult to pay their energy bills, British media reported on Wednesday. The cabinet is also considering a tax on contingencies for energy companies that benefit from high oil and gas prices.
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