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UK inflation hit its highest level in 13 months in April in the biggest monthly jump since April 2001.

According to the Office for National Statistics, the consumer prices index hit 3% - an increase of 2.5% from March - while the retail prices index rose from 3.8% to 4.2%.

The news will alarm the Bank of England, which has cut interest rates in recent months in a bid to boost the ailing property market, and makes further interest rate cuts less likely.

The government's target rate for inflation is 2.0%.

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Post Date: May 13th, 2008

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