UK inflation today jumped to a bigger-than-expected annual rate of 7% as the cost of living crisis shows no sign of easing.
The Office for National Statistics said petrol prices were among factors driving the March figure, which compared with 6.2% the previous month and is the highest level since 1992.
The rate, which increases pressure on the Bank of England to accelerate the pace of interest rate rises, is before this month’s 54% hike in Ofgem’s energy price cap is included in calculations. US inflation yesterday hit 8.5%.
