UK Inflation Increased By 9%, Highest In 40 Years

Business

In April 2022, the inflation in the United Kingdom has been increased to its highest annual in 40 years and this rapidly increasing pressure on the government for stepping up the assistance for the households that are facing worse cost-of-living crisis.

The Office for National Statistics (ONS) said, the inflation of consumer price has hit 9 percent rise in the month of April 2022, which has surpassed the highest rates of the early 1990s recession that most of the people in the United Kingdom remember for the very high interest rates and the default in the widespread mortgage.

The United Kingdom is now having the highest inflation rate of the five biggest economies of Europe and around all of the Group of Seven countries along with Japan and Canada that is yet to report the figures from the month of April 2022 and is neither likely to match the inflation level of the United Kingdom.

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Rishi Sunak, the finance minister and chancellor of the United Kingdom said, the countries around the world are now dealing with the increasing inflation and the current inflation numbers have been driven by the energy price cap increase in the month of April 2022, which in turn has been driven by the high energy prices across the globe.

He also said that, they cannot protect the people fully from these global challenges but they are providing significant support where they can and will stand ready for taking some further action.

Sandy

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