Inflation hits 9% in the year up to April 2022
19 May 2022
The Office of National Statistics (ONS) has released the consumer price inflation indices for April 2022. The Consumer Price Index (CPI) has risen 2% up to 9% for the year up to April 2022.
The biggest driver for the change is the increase to gas, electricity and other fuel prices following Ofgem’s increase of the consumer price cap.
The bank of England set the base rate with the aim of keeping inflation to a targeted 2%. The base rate was recently increased to 1% on 5 May 2022. There has been a rapid succession of increases to the base rate since 16 December 2021, where it previously sat at 0.10%. The bank of England may need to further increase these rates in order to tackle inflation, but will it be enough to stem the cost of living crisis as it currently stands?
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.