Inflation in Britain jumped to 7% in March, reaching its highest level since March 1992, higher than 6.2% in February, according to official figures, intensifying the squeezing of household living costs.
The increase in the annual consumer price index was larger than expected by most economists, who forecast an increase to 6.7%.
“Wide price increases saw annual inflation rise sharply again in March,” said Grant Fitzner, chief economist at ONS Statistics.
“Among the biggest increases were the cost of petrol, with prices being collected mostly before the recent reduction in fuel duties,” he added.
British inflation has experienced an unprecedented rise in the past year, following a similar pattern to most other advanced economies, as energy prices have risen and supply chain difficulties remain.
Source: Capital
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