UK inflation rises to 2.7 percent

By Ahmet Gurhan Kartal

LONDON

Inflation in the U.K. rose in April to 2.7 percent, the highest in the last four years, as the country’s main political parties get ready to launch their manifestos ahead of the June 8 general election.

It rose from 2.3 percent of March inflation and reached the highest point since September 2013, the Office for National Statistics (ONS) said on Tuesday.

The rising rate is caused by falling value of the British currency following the last year’s Brexit vote, according to the ONS.

This new rate is close to the end-year inflation level predicted by the Bank of England last week when it said it “expects inflation to rise further above the target in the coming months, peaking a little below 3 percent in the fourth quarter”.

An earlier government statement claimed March data pointed to an “annual house price increase of 4.1 percent which takes the average property value in the U.K. to £215,847 ($278,000)”.

The ONS said higher air fares and rising prices for clothing, vehicle excise duty and electricity also played a part in rising inflation.