UK Annual Inflation Rose to 1.5% in April
By Jason Douglas
LONDON–Annual inflation in the U.K. accelerated in April, fueled by higher prices for clothing and energy.
The pickup comes amid heightened anxiety in financial markets over inflation after consumer prices in the U.S. recorded their biggest annual jump since 2008 as economic recovery revved up.
Consumer prices in the U.K. rose 1.5% on the year in April, the Office for National Statistics said Wednesday–twice the rate of inflation reported in March.
The acceleration was in line with economists’ expectations. Bank of England Governor Andrew Bailey told lawmakers on Tuesday that the central bank had been anticipating a pickup in price growth as the economy recovers from the pandemic, but that any overshoot of its 2% annual target for inflation in the coming months was likely temporary.
Write to Jason Douglas at email@example.com