petr News & Analysis

UK Inflation Rate Decreases to 2.8% Amid Rising Energy Prices

The UK's inflation rate fell to 2.8% in April 2023, down from 3.3% in March, largely due to lower gas and electricity prices. Analyst projections indicate inflation could rise to about 4% by the end of the year, influenced by the ongoing Iran conflict. The average price of petrol reached 156.8p per litre, while diesel prices increased over 30p to 190p per litre. Despite the decrease, the rise in fuel prices suggests potential inflationary pressures remain, with producer input prices rising by 7.7% year-on-year.