British consumer price inflation more than doubles to 1.5% in April
British consumer price inflation in April ballooned to more than double in the previous reading. The bank of England was hopeful that the hike will be temporary as the economy recovers from last year’s coronavirus drag.
Based on the official data released by the Office for National Statistics, consumer prices jumped 1.5% in April after a 0.7% hike in March. The inflation went up as regulated electricity and gas bills rose, along with clothing and footwear prices.
Inflation is expected to increase further in the next months, reflecting a move underway in the United States as the global economy picks itself up after the COVID-19 pandemic.
Core inflation, which excludes energy prices and other volatile items, increased by 1.3% year-on-year in April, the Office for National Statistics furthered.
The BoE is positive that inflation will then lower back to 2% in 2022 and 2023.