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Inflation hits new 30-year high

inflation

Inflation hits new 30-year high

The cost of living has continued to soar, with the latest figures showing that inflation has now hit a new 30-year high.

Studies show that prices have risen by 6.2% over the last twelve months, with costs for fuel, energy and food rising.

The Bank of England expects the rate of inflation to hit double digits this year.

Prices rose by 6.2% in the 12 months to February – the fastest for 30 years – as fuel, services, energy and food costs surged.

Chancellor Rishi Sunak faces growing calls to offer more support as household budgets are squeezed.

Prices are rising faster than wages and the Bank of England thinks it could hit double digits this year.

This comes as Chancellor Rishi Sunak prepares to outline his Spring spending statement at midday today.

He is currently facing calls to offer more comprehensive support as households across the nation struggle.

There is speculation Mr Sunak could cut fuel duty, boost benefits and raise the threshold for national insurance today.

Updates to follow.

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