'Still a long way to go': UK finance minister warns inflation remains far too high

The latest official data showed the UK economy eked out 0.1% growth in the first quarter.While sanctions following Russia's full-scale invasion of Ukraine in February last year have deprived Western consumers of Moscow's fuel supplies.Bloomberg / Contributor / Getty Images

LONDON — U.K. Finance Minister Jeremy Hunt signaled the nation's inflation remains too high, a day after the Bank of England agreed its 12th consecutive interest rate hike in a bid to combat stubbornly high household prices. "I think we are aware there is still a long way to go. We still have inflation that is too high, growth is still not as high as we would like it to be," he told CNBC's Martin Soong on Friday, hours after the latest official data showed the UK economy eked out 0.1% growth"I think the U.K. is back and those are numbers that no one would have predicted even three months ago.

He defended that U.K. economic performance has been impacted by macro-economic concerns, citing a "once-in-a-century pandemic and an energy price shock that is probably the biggest since the 1970s." The Covid-19 pandemic has led to severe global logistical and production bottlenecks, while sanctions following Russia's full-scale invasion of Ukraine in February last year have deprived Western consumers of Moscow's fuel supplies.

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