Inflation rises to 3.5% after ‘perfect storm’ of price increases
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The reasons behind the latest inflation surge
- UK inflation rose to 3.5 per cent in April, the highest month-on-month increase in two-and-a-half years.
- This rise is attributed to increased household bills, including higher gas and electricity prices due to the Ofgem price cap adjustment, water and sewerage bills, and vehicle excise duty.
- Price pressures like higher employer National Insurance contributions and the National Living Wage increase also contributed.
- Partially offsetting these increases were decreased prices for motor fuels and clothing.
- The Bank of England is expected to consider this inflation data when deciding on potential interest rate cuts in June.