Recent data shows that the cost of living in the UK is rising sharply. In April, the inflation rate reached 3.5%. This is up from 2.6% in March and is higher than many experts predicted.
The rise in prices is mainly due to increases in household bills, such as water and energy. These bills went up significantly on April 1, adding pressure on families and pushing inflation past the Bank of England’s target of 2%.
Experts explain that rising costs for housing, transport, and leisure activities are contributing to inflation. The Bank of England had expected inflation to be around 3.3% this month.
Some economists believe there might be only one interest rate cut this year instead of two, as prices are increasing faster than expected. Huw Pill, a top economist at the Bank, expressed concern about lowering rates too quickly.
‘Supermarket shopping is getting more expensive’, Tracy McGuigan-Haigh, a mother from Dewsbury, says she struggles with rising grocery prices. “I used to fill a trolley for £40. Now, I barely fill a basket,” she says, showing the challenges many families face today.
Vocabulary List:
- Inflation /ɪnˈfleɪʃən/ (noun): The rate at which the general level of prices for goods and services is rising.
- Significantly /sɪgˈnɪfɪkəntli/ (adverb): In a sufficiently great amount to be noticed or have an effect.
- Contributing /kənˈtrɪbjuːtɪŋ/ (verb): Helping to cause something or resulting in something.
- Economists /ɪˈkɒnəmɪsts/ (noun): Experts in the science of economics dealing with the production distribution and consumption of goods and services.
- Pressure /ˈprɛʃər/ (noun): The use of persuasion or influence to make someone do something.
- Accelerating /əkˈsɛləˌreɪtɪŋ/ (verb): Increasing in speed or rate.
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