Wednesday, May 19, 2021

Inflation Rises To 1.5%

UK inflation rose from 0.7% in March to 1.5% in April.

The sharp increase largely reflected a jump in prices from low levels a year ago at the start of the pandemic, the Office for National Statistics said.

Higher oil prices also pushed up petrol prices, it added.

Gas and electricity prices rose sharply after the default tariff cap was increased compared with a cut a year earlier.

Liz Martins, senior economist at HSBC, said that it looked like UK inflation would go above the Bank of England's 2% target, although this was "not too much of a worry for the Bank".

"Their view is that they need to keep inflation sustainably around 2% two to three years out from now, so the short term overshoot won't worry them too much, if it does prove temporary - and that's where opinions really seem to diverge."

It is likely that any inflation will ease off, and there will be no need to increase rates for a couple of years.


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