UK inflation has climbed to a new 30-year high as soaring energy costs, fuel bills and food prices drive the worst cost of living squeeze in decades.
Consumer prices rose by 6.2% in the year to February, up from 5.5% in January, the Office for National Statistics reports this morning. That’s the highest inflation reading since March 1992, as household budgets come under intense pressure.
On a monthly basis, CPI rose by 0.8% in February, the largest monthly CPI increase between January and February since 2009.
And there is worse to come.
Last week, the Bank of England predicted inflation would reach 8% in April, and could hit 10% in the autumn when the energy price cap rises again.
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