Inflation today jumped to a 40-year high of 9% after cost of living pressures were fuelled by April’s big rise in energy bills.
The annual rate of CPI inflation compared with 7% the previous month, while the retail prices index that’s still used in some price calculations soared from 9% to 11.1%.
The figures, which were in line with City expectations, increase the pressure on the Bank of England to hike interest rates for a fifth time in a row when policymakers meet next month.
