Inflation hits 40-year high as energy bills soar

UK inflation, the rate at which prices are rising, jumped to 9 per cent in the 12 months to April, a 40-year high.

The surge comes as millions of people saw an unprecedented £700-a-year rise in energy costs last month.

Inflation is up from 7 per cent in March, with around three-quarters of the overall surge coming from higher energy bills, the Office for National Statistics reported on Wednesday (18 May).

The rise comes after Andrew Bailey, governor of the Bank of England, warned of “apocalyptic” food prices in the months ahead due to the Ukraine war.

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