The Fort Worth Press - UK inflation jumps to 40-year peak

USD -
AED 3.673016
AFN 71.737228
ALL 92.504722
AMD 387.156217
ANG 1.800157
AOA 848.359004
ARS 889.580927
AUD 1.508751
AWG 1.8025
AZN 1.703567
BAM 1.801999
BBD 2.016769
BDT 117.160363
BGN 1.801999
BHD 0.376468
BIF 2867.093564
BMD 1
BND 1.348689
BOB 6.901921
BRL 5.138719
BSD 0.998848
BTN 83.019118
BWP 13.570738
BYN 3.268807
BYR 19600
BZD 2.01336
CAD 1.36675
CDF 2810.00011
CHF 0.914499
CLF 0.032842
CLP 906.220468
CNY 7.241992
CNH 7.26126
COP 3864.74
CRC 512.092873
CUC 1
CUP 26.5
CVE 101.593956
CZK 22.705302
DJF 177.841249
DKK 6.87691
DOP 58.819736
DZD 134.383379
EGP 47.144437
ERN 15
ETB 57.390519
EUR 0.92175
FJD 2.26765
FKP 0.796099
GBP 0.78505
GEL 2.70968
GGP 0.796099
GHS 14.532639
GIP 0.796099
GMD 67.774965
GNF 8586.17036
GTQ 7.758787
GYD 208.974064
HKD 7.81284
HNL 24.683282
HRK 6.979956
HTG 132.795872
HUF 354.269684
IDR 16045
ILS 3.658575
IMP 0.796099
INR 83.05245
IQD 1308.425853
IRR 42075.000091
ISK 138.170072
JEP 0.796099
JMD 156.318238
JOD 0.708896
JPY 156.873999
KES 130.349572
KGS 87.955704
KHR 4074.261759
KMF 455.650128
KPW 899.999697
KRW 1366.349793
KWD 0.30701
KYD 0.832358
KZT 442.391855
LAK 21378.357212
LBP 89445.15594
LKR 299.212236
LRD 193.574997
LSL 18.479837
LTL 2.95274
LVL 0.60489
LYD 4.839913
MAD 9.963146
MDL 17.71963
MGA 4426.221956
MKD 56.774312
MMK 2097.572212
MNT 3449.999773
MOP 8.03796
MRU 39.739565
MUR 46.079845
MVR 15.459914
MWK 1731.791588
MXN 16.672615
MYR 4.709637
MZN 63.496955
NAD 18.480124
NGN 1468.150173
NIO 36.762335
NOK 10.5915
NPR 132.830884
NZD 1.633275
OMR 0.384669
PAB 0.998848
PEN 3.734095
PGK 3.881697
PHP 58.190296
PKR 277.863546
PLN 3.92215
PYG 7512.783895
QAR 3.641506
RON 4.586599
RSD 107.934675
RUB 91.625017
RWF 1313.493343
SAR 3.750603
SBD 8.475185
SCR 13.659033
SDG 600.999662
SEK 10.660099
SGD 1.349602
SHP 1.26345
SLE 22.847303
SLL 20969.50094
SOS 571.000261
SRD 32.274498
STD 20697.981008
SVC 8.740038
SYP 2512.529855
SZL 18.363661
THB 36.649681
TJS 10.767402
TMT 3.51
TND 3.11875
TOP 2.364801
TRY 32.224902
TTD 6.783065
TWD 32.229839
TZS 2596.949818
UAH 40.091215
UGX 3800.617312
UYU 38.439213
UZS 12698.207951
VEF 3622552.534434
VES 36.500745
VND 25471
VUV 118.72199
WST 2.803093
XAF 604.373704
XAG 0.032815
XAU 0.000428
XCD 2.70255
XDR 0.754503
XOF 604.373704
XPF 110.701654
YER 250.349933
ZAR 18.41569
ZMK 9001.187991
ZMW 26.658682
ZWL 321.999592
  • RIO

    0.4300

    71.85

    +0.6%

  • CMSC

    0.1200

    24.24

    +0.5%

  • NGG

    -1.0300

    60.69

    -1.7%

  • GSK

    -0.0300

    45.12

    -0.07%

  • AZN

    0.3600

    78.54

    +0.46%

  • RBGPF

    -1.8300

    55.21

    -3.31%

  • BTI

    -0.1100

    30.62

    -0.36%

  • RYCEF

    0.1020

    5.65

    +1.81%

  • CMSD

    0.0000

    24.09

    0%

  • RELX

    0.5300

    44.69

    +1.19%

  • BP

    0.3000

    36.72

    +0.82%

  • VOD

    -0.0300

    9.33

    -0.32%

  • SCS

    0.1300

    13.18

    +0.99%

  • BCC

    4.6500

    141.11

    +3.3%

  • BCE

    -0.2200

    33.57

    -0.66%

  • JRI

    0.0250

    11.395

    +0.22%

UK inflation jumps to 40-year peak
UK inflation jumps to 40-year peak / Photo: © AFP/File

UK inflation jumps to 40-year peak

Britain's annual inflation rate surged to a 40-year high last month on rocketing energy costs, official data showed Wednesday, sparking opposition calls for the government to announce an emergency budget to combat a cost-of-living crisis.

Text size:

Consumer prices index inflation hit 9.0 percent in April from 7.0 percent in March, the Office for National Statistics said in a statement.

The ONS estimated that April was the highest level since 1982, and the fastest rate since the current data series began in 1989.

Nations across the world are plagued by decades-high inflation as the Ukraine conflict pushes up energy and food prices, in turn forcing the Bank of England, the US Federal Reserve and others to ramp up interest rates.

The squeeze on UK household budgets tightened further in April due to tax hikes, while wages are failing to keep pace with inflation.

- 'Global challenges' -

"Countries around the world are dealing with rising inflation," said British finance minister Rishi Sunak.

"Today's inflation numbers are driven by the energy price cap rise in April, which in turn is driven by higher global energy prices.

"We cannot protect people completely from these global challenges but are providing significant support where we can, and stand ready to take further action."

The main opposition Labour party, however, wants an emergency budget to help Britons cope with the cost-of-living crunch.

Labour finance spokeswoman Rachel Reeves described the inflation data as "a huge worry for families already stretched".

"Today, Labour force a vote for an emergency budget and for a plan for growth."

Labour is also calling for a windfall tax on the energy sector, which has been boosted as gas and oil prices rocketed on supply worries following key producer Russia's invasion of Ukraine.

- 'Apocalyptic' -

Bank of England governor Andrew Bailey on Monday warned of an "apocalyptic" situation surrounding runaway food costs -- which he said were fuelled by major wheat and cooking oil producer Ukraine finding itself unable to export its goods.

Addressing British MPs, Bailey spoke also of a "very real income shock" coming from surging energy and food prices.

Britain risks falling into recession with inflation expected to top 10 percent by the end of the year, the BoE warned earlier this month.

It came as the central bank hiked its main interest rate by a quarter-point to one percent to tackle inflation.

That was the fourth straight increase by the BoE, while its key rate now stands at the highest level since 2009.

- Energy cap -

UK consumer prices leapt in April after a cap on domestic gas and electricity was hiked due to spiking wholesale energy costs.

"Inflation rose steeply in April, driven by the sharp climb in electricity and gas prices as the higher price cap came into effect," added ONS chief economist Grant Fitzner.

"Around three-quarters of the increase in the annual rate this month came from utility bills."

Official data showed Tuesday that Britain's unemployment rate has fallen further to a near five-decade low, but the value of wages continues to erode as inflation soars.

The economy shrank in March on fallout from soaring consumer prices, data showed last week, increasing the prospect of the country falling into recession.

Raised rates have lifted borrowing costs for consumers and businesses, further impacting spending.

D.Ford--TFWP