The recent energy price surge is a key factor in the increase of the headline rate of inflation for April. Inflation is currently running at 1.5%, the highest figure since the start of the Corona Virus pandemic.
The consumer prices index for the month of April more than doubled from 0.7% to 1.5%, recent figures from the ONS Revealed.
There are concerns that the UK is entering a period of rising inflation due to price pressure within the economy at large. The Bank of England is confident that this spike in inflation is temporary and the headline rate of inflation will begin to drop.
Oil prices have pushed up the cost of fuel to its highest point since the beginning of last year, while Ofgem, the energy regulator, increased the energy price cap by 9.2 % at the beginning of May. Adding to the inflationary pain that many homes and businesses are currently experiencing.
