// Inflation reaches 7% in the 12 months to March, the highest rate since 1992 and up from 6.2% in February
// Russia’s invasion of Ukraine is now having an effect as the price of oil continues to rise
The rate of inflation rose to hit a 30-year high of 7% in March, as Brits brace the growing costs of energy bills and fuel amid Russia’s invasion Ukraine.
According to figures published by the Office for National Statistics (ONS) today, the largest contributions to the increase came from motor fuels.
The rate rose from 6.2% in February and was higher than predicted, with some analysts previously placing their bets on the cost of living metric hitting 6.7% not 7%.
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The ONS noted that it was the highest CPI 12-month inflation rate in the National Statistics series, which began in January 1997.
British Retail Consortium chief executive Helen Dickinson said: “Households around the UK will be feeling the pinch as the cost of living continues to rise. Retailers are trying to help consumers by expanding their value ranges and doing all they can to keep the price of essentials down.”
ONS chief economist Grant Fitzner said: “Broad-based price rises saw annual inflation increase sharply again in March,”
“Among the largest increases were petrol costs, with prices mostly collected before the recent cut in fuel duty, and furniture.”
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