18th May 2011

F&C: Inflation rises strongly in april

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There was further bad news for the UK economy today with the publication of the consumer prices for April. CPI rose from 4% to 4.5% compared to expectations of about 4.1%. This comes after a rare month when inflation was lower than expected in March as it fell by 0.3% to 4% (see chart below). The overshoot is mainly due to a big rise in transport costs in April that should largely reverse in May. For instance, the cost of air travel rose by 29% and sea fares by 22.3% during the month that can be mostly explained by the timing of Easter. The rises in duty on tobacco and alcohol also contributed to the increase as well as the continuing strength of energy prices.

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