UK inflation has risen by 6.2 per cent as Rishi Sunak prepares to deliver his Spring Statement on Wednesday.

The Chancellor is under pressure to try and tackle the soaring cost of living families are facing across the UK.

Prices rose by 6.2% in the 12 months to February - the fastest for 30 years - as fuel, energy and food costs continued to hit highest rates in a generation.

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

There is speculation Mr Sunak could cut boost benefits and raise the threshold for higher National Insurance tax when he shares his spending plans at midday today.

Measures he could introduce also include extending the £200 energy support scheme and cutting fuel duty - taking around £3.50 off the cost of a £90 tank of fuel.

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

Inflation is the rate at which prices rise. If a bottle of milk costs £1 and that rises by 5p, then milk inflation is 5%.

Since December last year, prices have been rising at their fastest rate since the 1990s. Inflation is expected to accelerate in April when the energy price cap is lifted.

This will push up the average household fuel bill up by £693 a year in England, Scotland and Wales, while a planned rise in National Insurance will also put pressure on household budgets.

Grant Fitzner, chief economist at the Office for National Statistics (ONS), said prices had risen for a wide range of goods and services, from food to toys and games.

"Clothing and footwear saw a return to traditional February price rises after last year's falls when many shops were closed.

"Furniture and flooring also contributed to the rise in inflation as prices started to recover following new year sales," he added.

Rachel Winter, Associate Investment Director at Killik & Co, said: “Inflation continues to suffocate economic growth as we plunge deeper into a cost-of-living crisis, grappling with a triple whammy of higher petrol prices, household bills, and food prices.

“In a bid to tame soaring prices and stabilise the market, the Bank of England raised interest rates for the third time in a row last week.

"This comes as economists predict that Britain could experience double-digit inflation for the first time in 40 years, threatening the economy's financial stability unless the inflationary pressure is relieved.

"The impact of an interest rate rise can take months to feed through to the real economy, and so all eyes will be on Rishi Sunak as he delivers the Spring Statement for some more immediate solutions.

“As a result, it is more important than ever for long-term savers to consider inflation-proofing. Cash savings are currently being eaten up by inflation. As we approach the end of the year, consumers should look to use products such as a stocks and shares ISA to offer them a better chance of generating above-inflation returns.”

UK inflation has risen by 6.2 per cent as Rishi Sunak prepares to deliver his Spring Statement on Wednesday.

The Chancellor is under pressure to try and tackle the soaring cost of living families are facing across the UK.

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Slava Rossiya

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bennybuhari:
They should come and recolonise us

AntiBeEmCe:
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rottennaija:

��⚡Putin: a decision has been made to transfer payments for gas supplies to Europe into rubles as soon as possible.

Putin also said that “the collective West, by freezing Russian reserves, declared a default on Russia and drew a line under the reliability of its currencies”

bennybuhari:
They should come and recolonise us

ishit4bodyy:
This should call for more sanctions on Russia abi?

BKayy:
Slava Rossiya

The West wasn't smart after all. They were stupid to play the same move they used to cripple Soviet Union under a genius like Putin NwaChukwu

Welcome to the New World Order bi#ches