Business, Finance & Technology
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In April, annual consumer inflation in the United Kingdom increased by 9%.
According to official figures issued on Wednesday, annual consumer inflation in the United Kingdom increased by 9% in April compared to the same month last year, marking the biggest yearly increase in 25 years.
“In the 12 months to April 2022, the Consumer Prices Index (CPI) increased by 9.0 percent, up from 7.0 percent in March,” the Office for National Statistics (ONS) stated in a statement.
“This is the highest 12-month CPI inflation rate in the National Statistics series since January 1997,” it continued.
In April, the market expected the index to rise to 9.1 percent.
The energy was a crucial factor in inflation hitting new highs.
According to the ONS, energy prices increased by 46.5 percent in April, compared to a rise of 8.3 percent the previous year.
While power prices increased by 40.5 percent last month, gas prices increased by 66.8% on an annual basis.
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