UK inflation hit 9 per cent in April, its highest level in over 40 years, after soaring gas and electricity bills intensified the cost of living crisis facing households.
The rate of consumer price inflation was close to economists’ expectations and is almost double the rate the Bank of England expected only six months ago.
With economic activity slowing sharply during the first quarter of the year, the UK economy is suffering its worst bout of stagflation — weak growth alongside high inflation — since the second oil shock of the 1970s.
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