Soaring Inflation Hits UK: CPI Index Jumps 7.8%
CPI Index Hits Highest Rate Since 1982
UK Households Face Cost of Living Crisis
The UK's Consumer Prices Index (CPI) has surged by 7.8% in the 12 months to April 2022, marking the highest inflation rate since 1982. This alarming figure highlights the escalating cost of living crisis faced by countless households across the country.
According to the Office for National Statistics (ONS), the increase was largely driven by rising energy, food, and fuel costs. Energy prices soared by 27.1%, while food prices jumped by 14.1% and fuel prices by 63.9%. These sharp increases have put a significant strain on household budgets.
The ONS also reported that the Consumer Prices Index including owner occupiers housing costs (CPIH) rose by 6.9% in the same period. This measure of inflation takes into account the cost of owning and maintaining a home and is often considered a better reflection of the true cost of living for homeowners.
The Bank of England (BoE) has raised interest rates four times since December in an attempt to curb inflation. However, economists warn that the full impact of these increases may not be felt for several months, leaving households struggling under the weight of rising prices in the meantime.
The government has implemented measures to help households cope with the rising cost of living, including providing financial assistance to energy suppliers and expanding the Warm Home Discount scheme. However, critics argue that these measures do not go far enough and that more needs to be done to support those most affected by inflation.
The soaring inflation rate is a major concern for the UK economy and has raised questions about the government's ability to control rising prices. It is a situation that will continue to be closely monitored by policymakers and economists alike.
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