The squeeze on households tightened in March as rapidly rising food and fuel prices sent inflation to another 30-year high, even before energy bills spiked. The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose 7% in the year to March, up from 6.2% in February.
It was once more the highest point since March 1992, when inflation stood at 7.1%. The rise was higher than the 6.7% that analysts had expected and was driven by fuel, restaurant and food prices, dealing an added blow to households.
ONS chief economist Grant Fitzner said: “Broad-based price rises saw annual inflation increase sharply again in March. Amongst the largest increases were petrol costs, with prices mostly collected before the recent cut in fuel duty, and furniture.”
