UK Inflation Jumps to 3.5% in April, Beating Forecasts; see details

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The UK’s annual inflation rate rose more than expected in April, driven by sharp increases in energy and water bills. According to official data from the Office for National Statistics (ONS), the Consumer Prices Index (CPI) surged to 3.5% in April, up from 2.6% in March, exceeding analysts’ forecasts of 3.3%.

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This marks the highest inflation rate since the start of 2024, according to the ONS. Finance Minister Rachel Reeves expressed disappointment with the figures, citing ongoing cost-of-living pressures on working people. “I am disappointed with these figures because I know the cost-of-living pressures are still weighing down on working people,” Reeves said.

The increase in inflation is attributed to significant hikes in household bills, including gas and electricity, which rose compared to sharp falls in the same period last year. “Significant increases in household bills caused inflation to climb steeply,” ONS acting director general Grant Fitzner said. “Gas and electricity bills rose… compared with sharp falls at the same time last year.”

Fitzner added that water and sewerage bills also increased strongly, contributing to the rise in the headline rate. However, analysts expect energy bills to drop from July due to recent falls in oil prices.

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