Inflation in the UK has soared to a 30-year high, the Office for National Statistics (ONS) has said. The latest figures reveal that it has risen by more than 6% in the space of a year.
The Bank of England expects that it will rise even higher over the coming months. But then it is anticipated that it will drop again to around 2% in two to three years’ time.
Consumer champion Martin Lewis, however, has issued a warning about what that will mean for people in the UK. The founder of the Money Saving Expert website has said recently that the current financial climate has left him ‘virtually out of tools’ to help people manage their money - adding that ‘political intervention’ is now needed.
