By Abdul Tukur
UK’s inflation rate has risen to its highest for nearly 4 years, official figures has shown.
CPIH, the Office for National Statistics inflation preferred measurement shows that Consumer Price Index, CPI, rose by 2.7% in April (up from 2.3% in March) – making it the highest rise since September 2013.
The figures shows an increase in the cost of living with no growth in wages. Economist are predicting that inflation will go higher over the coming months.
The biggest contribution to the increase in April’s rate came from air fares. Clothing, vehicle excise duty, and electricity bills also made a contribution to the increase.
It is the third straight month that inflation has been above the Bank of England’s 2% target.
Angela Rayner, Labour Shadow Secretary of State for Education said voters can expect “more of this Economic Tory incompetence if they get back in.”
Liberal Democrat Shadow Business Secretary Susan Kramer said: “These worrying levels of inflation show the Brexit squeeze is hitting shopping baskets across the country.
“This is the reality of Theresa May and Nigel Farage’s extreme Brexit agenda: higher prices in the shops, the cost of holidays going up and less money for our schools and NHS.
“A brighter future is possible. We will give people a choice over their future through a referendum, so they can reject a bad Brexit deal and choose to remain in Europe.”