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Inflation hits 40 year high

Updated: Jul 7, 2022

According to the latest figures from the Office for National Statistics (ONS), inflation has hit its highest level in 40 years.

Last month the rate increased abruptly to 9% amid the deteriorating cost-of-living crisis. This is the highest level since comparable readings in 1982.

The ONS report data highlighted a broad rise in prices for everyday goods and services during April 22, with a significant cause of the increase accounted for by the 54% increase in the energy price cap, which started in April.

The highest prices on record for both petrol and diesel were other major factors, which continue to rise.

Rain Newton-Smith, Chief Economist at the Confederation of British Industry (CBI), commented:

'Inflation was always likely to hit hard in April given the energy price cap increase.

'Looking ahead, inflation is likely to stay high, with a resulting historic squeeze in households' incomes and a tough trading environment for businesses.

'It is critical the government explores options to help people facing real hardship now, and support cashflow for vulnerable firms. Stimulating business investment is also crucial, to both plug the near-term gap in growth and to shore up the economy's potential to withstand future shocks.'

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