UK Inflation Hits 40-Year High of 9.0% in April

Source: Office for National Statistics

Inflation in the United Kingdom soared to a 40-year high of 9.0% in April, as prices of energy products continued to soar during the month. EWU is down 0.86%, while VGK is down 1.10% premarket.

• Consumer prices surged by 9.0% in April, faster than the 7.0% in March and 1.5% in the same month last year.
• The latest reading is the fastest since 1982, with estimates ranging from 6.5% in December to almost 11% in January.
• Monthly inflation stood at 2.5% in April, indicating an acceleration from 1.1% in March and 0.6% in April 2021.
• Consumer prices, including owner occupiers’ housing costs, climbed by 7.8%, up from 6.2% in the previous month.
• The increase in prices for electricity, gas, and other fuels accounted for the biggest upward contribution to the monthly CPIH rate of 2.1%.
• Producer inflation climbed to a 13-year high of 14.0%, following the 11.9% recorded in March.