Inflation raced to a new 30-year high last month as the spiralling cost of daily essentials tightened the cost of living squeeze for millions of households.
The Consumer Prices Index (CPI) — the headline measure of inflation — shot up from 6.2 per cent to 7 per cent, a level not exceeded since March 1992. The rise was higher than the City expected and makes it more likely that interest rates will go up again when the Bank of England’s Monetary Policy Committee next meets in May.
