Higher energy and clothing prices lifted inflation to its highest level since the start of the pandemic, official figures show. The consumer prices index for April doubled from 0.7 per cent to 1.5 per cent, according to the Office for National Statistics. SponsoredThe latest increase will do little to calm fears that the UK is entering an inflationary spiral. Markets have been spooked by signs of growing price pressure in the economy, prompting fears that the central bank will soon have to tighten monetary policy. Markets expect the Bank of England to apply the equivalent of two quarter-point rate rises of monetary tightening in the next three years, possibly through quantitative easing.

Source: The Times May 19, 2021 08:01 UTC