The Office for National Statistics (ONS) has announced that inflation hit 9.1 per cent in the year to April – the highest rate in 40 years.
The Bank of England (BoE) has the mandate to keep Consumer Price Index (CPI) inflation below 2 per cent. But governor Andrew Bailey said the bank is “helpless” in the face of global issues exacerbated by Russia’s war in Ukraine, including runaway energy costs and higher food prices.
