UK inflation spikes as retailers respond to lockdown easing
Britain inflation rate has more than doubled in April as energy prices soared and clothing retailers hiked prices as the coronavirus lockdown was eased
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Britain’s inflation rate more than doubled in April as energy prices soared and clothing retailers hiked prices as the country's coronavirus lockdown was eased, official statistics showed Wednesday.
The Office for National Statistics said consumer prices rose 1.5% in the year to April from 0.7% in March. The increase takes consumer price inflation up to its highest level since March last year, when the country first started to be affected by the coronavirus pandemic.
The statistics agency said sharp rises in domestic energy prices and transportation costs lay largely behind the inflation spike. It also said clothing retailers increased prices last month when they were allowed to reopen their doors on April 12.
The latest figures have accentuated concerns that Britain and other countries may face rising inflation as the world emerges from the pandemic and economic activity picks up at a time when central banks are keeping interest rates at historic lows and continue to print new money.
“We do not believe that higher inflation will be fully transitory as many in markets contend and as global central bankers seem to presume,” said Kallum Pickering, senior economist at Berenberg Bank. “The rebound marks a turning point for inflation across the advanced world following more than a decade of disinflation.”