Reported 2 days ago
UK inflation surged to 3.5% in April, marking its highest point since January 2024, primarily driven by soaring domestic bills such as energy and water. This significant increase, surpassing both March's 2.6% and economists' expectations of 3.3%, raises concerns about future interest rate cuts from the Bank of England, especially as inflation is anticipated to remain above 3% for the rest of the year. The Labour government faces challenges amidst these economic pressures, with opposition parties attributing rising costs to increased taxes on businesses.
Source: YAHOO