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Economy

UK inflation rate doubles for April

This represents a rise of 1.5% in April from 0.7% in March, with an increase in energy and clothing costs driving prices higher

The UK’s annual inflation rate has more than doubled in April 2021, according to recent figures from the Office for National Statistics (ONS).

This represents a rise of 1.5% for the month from 0.7% in March, with an increase in energy and clothing costs driving prices higher.

Furthermore, this has resulted in consumer prices increasing at their fastest rate since March 2020, in the early days of the pandemic.

The ONS emphasised this was primarily due to price rises this year compared with falls at the beginning of lockdown.

The country’s petrol prices are now at their highest level since January 2020, with a jump in oil prices also affecting the price of petrol.

Confectionary prices, breads and cereals, and oils and fats assisted in pushing up food inflation over the period, with food prices rising by 0.9% between March and April 2021.

Grant Fitzner, the ONS’ chief economist, said: “Inflation rose in April, mainly due to prices rising this year compared with the falls seen at the start of the pandemic this time last year. This was seen most clearly in household utility bills and clothing prices.

“As the price of crude oil continues to rise, this has fed through to the cost of motor fuels, which are now at their highest since January 2020.”

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