New figures released by the Office for National Statistics (ONS) earlier this week show that inflation has risen to 9% in the last 12 months to April, up from an already high 7% in March, making it the fastest measured rate since records began in 1989.
The spike is being largely attributed to soaring gas and electricity bills, following the implementation of Ofgem’s 54% energy price cap hike.
The increase came into force on April 1, pushing annual consumption on typical, standard tariffs up by £693 to £1,971 per year, while homes on pre-payment meters will see an increase of £708 to £2,017.
