24 May 2023

UK inflation stuck at highest level in forty years

Economics Correspondent

Inflation is down by a wafer. It was 8.7 per cent in April. But that’s not down as much as expected, stoking fears that the UK has a big problem with rising prices.

And that means that the Bank of England is likely to continue putting up interest rates in response.

Within the figures, food inflation remains at the highest levels for over four decades at 19.3 percent, which means an even greater squeeze on the budgets of low income families.