UK inflation jumped to 9% in April, its highest yearly rate since 1982, surpassing the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults
Consumer price inflation hit 9% in April, the Office for National Statistics said on Wednesday, surpassing the peaks of the early 1990s recession that many Britons remember for sky-high interest rates and widespread mortgage defaults.
A Reuters poll of economists had pointed to a reading of 9.1%, up from 7.0% in March, and sterling fell. " inaction will make an already desperate situation for many even worse," Rebecca McDonald, senior economist at the Joseph Rowntree Foundation which campaigns for lower-income households, said. While the government points to its 22 billion-pound package of support for households so far, much of this is cancelled out by recent tax increases on workers.
Bank of America this week criticised the BoE for not being clear about its response, potentially leaving it vulnerable to political attacks and the economy in a worse situation.
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