U.K. inflation soared to a 40-year high of 9% in April as food and energy prices spiraled, official figures uncovered Wednesday, escalating the country’s cost-of-living crisis.
Consumer prices rose by 2.5% month-on-month, fractionally below expectations for a 2.6% climb in a Reuters survey of business analysts, which had also projected a 9.1% yearly increase.
The 9% rise in the consumer price index is the highest since records started in their current form in 1989, outstripping the 8.4% annual rise posted in March 1992 and well ahead of the 7% seen in March of this current year. The U.K’s. Office for National Statistics likewise said its estimates suggest that inflation would have last been higher “sometime around 1982.”
From April 1, the U.K. energy regulator increased the household energy price cap by 54% following a surge in wholesale energy prices, including a record rise in global gas prices. The controller, Ofgem, has not ruled out further increases to the cap at its periodic reviews this year.