UK inflation is expected to spike to 3.6% in April, the highest monthly increase in over two years. Analysts predict the rise is influenced by hikes in energy and water bills, higher payroll costs, and new financial charges. Ofgem's energy cap increase and escalating water bills contribute significantly to this surge. With added strains like higher national insurance contributions and minimum wage growth, businesses particularly in retail and hospitality are feeling the pressure. This forecast is anticipated to prompt responses from the Bank of England's Monetary Policy Committee.
Inflation is forecasted to rise sharply in the UK, driven by significant increases in energy and water bills, alongside higher minimum wages and administrative charges.
Sanjay Raja indicated that 'index-linked and administrative bills will be on the rise,' contributing to anticipated inflation due to changes in council tax and vehicle excise duty.
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