April’s inflation rate was 3.5%, higher than economists had predicted and up from 2.6% in March.
Along with a number of other bills, the rates of water, gas, and electricity increased on April 1st, further driving inflation above the Bank of England’s 2% objective.
Although two rate cuts were anticipated this year, some analysts believe that given the April inflation data, there will likely just be one.
Inflation rate in the UK: How rapidly are prices increasing?
David Dharshini: The situation may be more dire than we initially anticipated, according to inflation surprise.
In the year ending in April, a 3.3% price increase was anticipated.
The Bank of England has previously stated that it anticipates a 3.7% inflation peak between July and September 2025, followed by a gradual decline.
