Inflation hits 7% in March as Britain’s cost of living soars
Households in Britain have come under renewed pressure from the soaring cost of living after the official inflation rate reached 7% last month.
Figures from the Office for National Statistics showed the latest rise in the consumer price index was the fastest in three decades, coming a month after the barometer for rising living costs jumped by 6.2% in February.
City economists had forecast a rate of 6.7%. Further increases are expected as the impact of the war in Ukraine drives up the cost of energy and raw materials, with households likely to feel the squeeze from higher gas and electricity bills.
The Bank of England has warned inflation is on track to reach 8% this month and could peak close to 10% later this year, the highest rate in four decades.
More to follow…
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