UK inflation rate jumped to its highest level in over a year to 3.5%, according to the latest figures from the Office for National Statistics (ONS).
Water, gas and electricity prices all went up on 1 April along with a host of other bills, pushing inflation further above the Bank of England's target of 2%. Official date shows that inflation had jumped from 2.6% in March.
Chancellor Rachel Reeves says she's "disappointed" by the figures, but will go "go further and faster to put more money in people's pockets."
Responding to the latest inflation data, published by the ONS this morning, Stuart Morrison, Research Manager at the British Chambers of Commerce said: “Businesses are facing a perfect storm of cost-pressures which is fuelling inflation alongside rising household bills. While April’s jump was expected, the scale, to 3.5%, is concerning.
“With the national insurance hike, minimum wage rise and global tariffs, our research shows 55% of businesses are expecting to put up prices in the coming months."
The Bank of England has previously said it expects inflation to peak at 3.7% between July and September 2025 before dropping back to its 2% target.
FTSE 100
The UK's flagship share index, the FTSE 100, was up 50 points at 8,774 shortly after opening this morning.
Brent crude oil futures were up 1.07% at $66.08 a barrel.
Companies reporting today
4imprint Group - AGM Trading Statement
Coats Group - AGM Trading Statement
Currys - Full Year Trading Statement
Great Portland Estates - Full Year Results
HICL Infrastructure - Full Year Results
IntegraFin Holdings - Half Year Results
Intermediate Capital Group - Full Year Results
Ithaca Energy - Q1 Results
JD Sports Fashion* - Full Year Results
Marks & Spencer* - Full Year Results
RS Group - Full Year Results
Severn Trent - Full Year Results
SSE* - Full Year Results