UK inflation jumps to 3% in April
May 13, 2008 · Filed Under Your Money · Comments Off
UK consumer inflation reached its highest level in 13 months driven by high food and fuel costs, according to the Office for National Statistics.
The Consumer Prices Index (CPI) hit 3% on an yearly basis in April, up from 2.5% in March, it said.
The monthly inflation rate was 0.8%, the biggest leap since May 2001. The Retail Prices Index hit 4.2% from 3.8%.
The inflation data would probably stop the Bank of England cutting interest rates in the near term, analysts said.
However, they added that the main drivers of price growth were fuel and food costs, which higher interest rates did little to control or rein in.