By UK inflation hits a 40-year high of 9%
Prices are rising at their fastest rate for 40 years as higher energy bills hit millions of households.
The rate of inflation jumped to 9% in the 12 months to April, from 7% in March, a 2% increase.
Millions of people saw a significant £700-a-year rise in energy costs last month.
Higher fuel and food prices are also pushing the cost of living up, with inflation expected to continue to rise this year, with the backdrop of the Ukraine war.
Citizens Advice said “the warning lights could not be flashing brighter” for the government to issue more support for households.
Around three-quarters of the rise in inflation in April came from higher electricity and gas bills, according to the Office for National Statistics (ONS).
“There are desperate stories behind these figures. People washing in their kitchen sinks because they can’t afford a hot shower; parents skipping meals to feed their kids; disabled people who can’t afford to use vital equipment because of soaring energy bills,” said Dame Clare Moriarty, chief executive of Citizens Advice.
Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown said higher prices in the UK risked becoming more consistent with wages “spiralling upwards” as firms ‘fight for talent.’
The BBC reported there are currently more job vacancies than unemployed people in the UK for the first time since records began.
Ms. Streeter said prices across hospitality and recreation industries were now at a 30-year high.
“So far companies have succeeded in passing on higher costs to customers keeping margins resilient, but worries do linger about just how long consumers will continue to pay the price,” she added.
