Inflation in the UK rose to 2.7% in April, up from 2.3% in March and 0.3% a year ago, the Office for National Statistics (ONS) has revealed.
The UK Consumer Price Index (CPI) has reached levels last seen in September 2013 as a result of the different dates for Easter compared to last year, and higher air fares.
According to the ONS: "The increase seen in April 2017 reflects the timing of Easter this year and is similar to the seasonal uplifts seen in other years when the Easter holiday was in April (for example, 2011 and 2014). In contrast, the Easter holidays fell in March 2016, [and] the uplift in prices was seen in the March 2016 data."
The later date for the Easter holidays meant there was an increase in air fares, which largely drove up the monthly UK inflation rate.
Rising prices for clothing, vehicle excise duty and electricity also played a part in the pick-up in inflation, but falls in petrol prices slightly offset this.
Inflation has steadily risen since the low levels seen in recent years as a result of weak sterling since the Brexit vote and rising utility bills. However, last month the ONS reported UK CPI inflation was unchanged during March at 2.3%, but still stayed above the Bank of England's 2% target.
Ben Brettell, senior economist at Hargreaves Lansdown:
"Today's inflation bulletin from the ONS feels somewhat like Groundhog Day, as the fall in sterling continues to make its way through to the high street, and higher oil prices continue to push inflation up globally.
"Bank of England policymakers predict inflation will peak at a little below 3% in the fourth quarter. With wage growth lagging behind - tomorrow's figures are expected to show take home pay increasing at 2.4% - it looks like households are now starting to feel the pinch, with GDP growth slowing to 0.3% in the first quarter of this year.
"But despite elevated inflation, those hoping for higher interest rates are likely to be in for a long wait."
Ian Kernohan, economist at Royal London Asset Management:
"As expected, CPI rose in April to 2.7% , with rising air fares a major contributor thanks to the later date of Easter this year.
"The impact of rising air fares was partially offset by a fall in fuel prices, but at just above the 2% target, this rate of inflation is not high by UK standards.
"However with wages still sluggish, despite the sharp fall in unemployment, growth in real wages is being squeezed."
Adrian Lowcock, investment director at Architas:
"Inflation can be fairly volatile in the short term as one-off events have an impact on the monthly figures. This month it has been airfares, which have caused inflation to surge in April. Airfares tend to be a fairly volatile contributor to inflation as the timing of holidays has a significant effect on prices.
"The effects of the weakness of the pound following the Brexit vote continues to have an impact on inflation as food prices, clothes and footwear all continued to contribute to inflation in April. While we believe we have seen the majority of the falls in the pound following the Brexit result, the knock-on effects of higher import prices will continue to be felt for some time.
"Many of the drivers for inflation in April have been one offs and are unlikely to be repeated, as such barring any further weakness in the pound inflation could be close to its peak."
Chris Leyland, deputy chief investment officer at True Potential:
"Exactly a year ago inflation was at 0.3%, so this is the largest year-on-year increase in inflation since 2007. The last time inflation was at this level was in 2013.
"Price rises on utility bills are starting to come through, pushing up inflation for the month."
Elliott Silk, commercial director at Sanlam:
"The rise in inflation for the third month in a row is likely to damage retirees' buying power and is set to take out a serious chunk of peoples' nest eggs.
"As bills rise across the board, retirees on a fixed income begin to feel the inflation pinch. As we enter this period of increased inflation, one of the ways people can consider avoiding inflation eating away at their hard earned cash is to seek out alternative investment vehicles."
Viktor Nossek, director of research at WisdomTree in Europe:
"Inflation has now reached the maximum level at which it can be sustained by the UK economy alone, and barring a shock from energy prices or further devaluation of the pound, we do not expect it to rise much higher from here.
"Looking through recent readings, core inflation has remained fairly muted, with employment levels unlikely to move significantly, and consumer spending stretched and financed by debt. With little expected in terms of aggressive economic expansion, it means core inflation is unlikely to shoot higher, and as a result, we do not expect today's figure to compel the Bank of England to act and raise rates."
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