UK inflation hits 40-year high

Caused by skyrocketing energy costs, which exacerbated the cost of living crisis. Specifically, consumer price inflation in March this year increased by 7% compared to March last year, while in April, consumer prices increased by 9% compared to April 2021.

9% is also the highest level since 1982. Last month, consumer prices in the UK surged after gas and electricity prices rose due to escalating energy costs. After the above figures were published, the pound sterling fell 0.4% against the dollar.

According to a survey published on May 17, about 67% of respondents in the UK said they had to turn off the heating to reduce costs, nearly 50% said they had driven less or changed shopping locations.

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