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CPI rose to 3.7 per cent last month - up from 3.4 per cent in March - latest figures from the Office for National Statistics have revealed.
And the Retail Prices Index hit a 19-year high after jumping from 4.4 per cent to 5.3 per cent.
The ONS noted increases in clothing and footwear prices were largely responsible for the CPI increase.
However, the upcoming Budget announcement from the new government will continue to be the focus for those carrying out stock market trading, Caxton FX stated.
New chancellor George Osborne announced yesterday (May 17th) that the Conservative - Liberal Democrat coalition will conduct an emergency Budget on June 22nd.
Duncan Higgins, senior analyst at the Caxton FX added some policymakers are raising concerns as "the rate of increase [in inflation] is showing little sign of slowing".
Posted by Greg Secker
