Britain’s annual inflation rate last month surged to a 40-year high on rocketing energy costs, official data showed yesterday, sparking opposition calls for the government to announce an emergency budget to combat a cost-of-living crisis.
The consumer price index climbed 9.0 percent from 7.0 percent in March, the British Office for National Statistics (ONS) said in a statement.
“Inflation rose steeply in April, driven by the sharp climb in electricity and gas prices as the higher price cap came into effect,” ONS chief economist Grant Fitzner said. “Around three-quarters of the increase in the annual rate this month came from utility bills.”
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The ONS estimated that last month was the highest level since 1982, and the fastest rise since the current data series began in 1989.
“Countries around the world are dealing with rising inflation,” British Chancellor of the Exchequer Rishi Sunak said.
“Today’s inflation numbers are driven by the energy price cap rise in April, which in turn is driven by higher global energy prices,” Sunak said. “We cannot protect people completely from these global challenges, but are providing significant support where we can and stand ready to take further action.”
However, the main opposition Labour Party wants an emergency budget to help Britons cope with the cost-of-living crunch.
Labour finance spokeswoman Rachel Reeves described the inflation data as “a huge worry for families already stretched.”
“Today, Labour force a vote for an emergency budget and for a plan for growth,” she said.
Labour is also calling for a windfall tax on the energy sector, which has been boosted as gas and oil prices rocketed on supply worries following key producer Russia’s invasion of Ukraine.
Bank of England Governor Andrew Bailey on Monday warned of an “apocalyptic” situation surrounding runaway food costs, which he said were fueled by major wheat and cooking oil producer Ukraine finding itself unable to export its goods.
Addressing British lawmakers, Bailey also spoke of a “very real income shock” coming from surging energy and food prices.
Britain risks falling into a recession with inflation expected to exceed 10 percent by the end of the year, the Bank of England said earlier this month.
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