That it was predicted makes it no less painful. Inflation has hit a 40-year high, driven largely by soaring fuel costs. And prices are set to rise further still. Figures from the Office for National Statistics show inflation reached nine per cent in April, its highest level since 1982. The jump from seven per cent in March came as millions of households faced a £700 rise in the energy price cap.
Inflation hits us all, but not equally. The Institute for Fiscal Studies says that the rate for the poorest is about 11 per cent, because people with less disposable income spend a greater proportion of their budget on energy and food. Benefits rose by only 3.1 per cent at the Spring Statement.
