- Inflation in the UK doubles to 1.5% in April
[Alles Europa News] ; The Bank of England (BoE) estimates that inflation in the United Kingdom is heading to exceed its 2% target and that it will reach 2.5% by the end of 2021.
This is due to the rise in world oil prices since in September the emergency cuts to the value added tax in the hospitality sector will be stopped, as well as to the comparison with the depressed prices of 2020 due to the COVID-19 pandemic.
The BoE believes that inflation will fall back to 2% in 2022 and 2023.
UK consumer price inflation more than doubled in April to 1.5% from 0.7% in March, official figures released on Wednesday showed.
A Reuters poll of economists pointed to a rise in inflation to 1.4%.
Rising regulated electricity and gas bills and rising clothing prices contributed to the rise in inflation.
Core inflation, which excludes energy prices and other volatile items, rose 1.3% in the 12 months through April, the Office for National Statistics said.