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UK inflation rate doubled due to hike in apparel prices

May 21, 2021
UK inflation rate doubled due to hike in apparel prices

UK

The rate of inflation in the UK doubled in April 2021 due to a hike in the prices of fashion apparel and a drop in the prices of energy supplies. As per ONS, CPI jumped to 1.5% in April from that of 0.7% in March.

According to the ONS data, the prices of clothing and footwear also rose by 2.4% due to the opening of stores at full prices. It is also believed that the inflation increase is due to the rapid rise in the electricity prices as the tariff cap was removed this year. Another reason is the sharp rise in the cost of crude oil.

As per Grant Fitzner, Chief Economist, inflation in April rose because of the shooting prices of clothing and household utilities this year. As per the forecast by the Bank of England, UK inflation will increase to 2.4% by the end of 2021.

Andrew Bailey, Governor, assured that the price hike is temporary and will return to 2% in the mid term. Another parameter of calculating inflation is RPI. Current RPI is 2.9%, which is the highest RPI rate since June 2019.

Source: Retail Gazette

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