Inflation in the UK reaches a 40-year high of NINE percent as food and energy prices rockets

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Inflation spiralling out of control, fueled by rising petrol prices and food prices, is affecting the pockets of UK households. The invasion of Ukraine is being blamed for the rise in oil prices.

The cost of living crisis continues to wreak havoc on UK households, and UK inflation has reached its highest level for 40 years.

According to the Office for National Statistics (Office for National Statistics), the Consumer Prices Index (CPI) measures inflation at 9% in the twelve months to March.

This is an increase from the previous month’s 7 per cent. Already, the Bank of England predicted that inflation would rise to 10 percent this year.

Inflation is the largest one-year increase in consumer prices since 1989, when records were first made.

This is yet another reminder of the problems faced by ordinary Brits all over the country.

Inflation rose last month due to an unprecedented increase in energy bills. The cap was raised to its highest ever level, increasing several hundred pounds annually.

It is also believed that this month will see a rise in the number of people who visit.

All parts of the economy are seeing an increase in prices, with the largest rise coming at the pump after Russia invaded Ukraine. This impacted the global oil price.

Economists have warned of today’s announcement. This comes just two weeks after Bank of England raised interest rates and warned that the country was in danger of falling into recession.

Inflation refers to the increase in prices for everyday necessities.

Simon French, Panmure Gordon’s chief economist, said that he previously stated that he “wouldn’t at all be surprised”If inflation is above 9%, you will be charged the full price of your weekly purchase.

He explained that the recent increase in household energy bills will have a major impact on the latest figures.

“There will be a big jump because the April price cap is captured within it,”He concluded.

The Government has been criticised for not doing enough in order to ease the effects of the cost of living crisis.

It also continued to push ahead with highly unpopular tax increases.

This all comes as the M&S chairman, Archie Norman, said that food prices could soar by as much as ten per cent this year.

Former Tory MP and leader of the upmarket titan warned Brits that they could be subject to another beating.

He told BBC Radio 4’s Today programme: “It wouldn’t be surprising to see food price inflation over the course of the year running towards 8% to 10%.

“But we don’t know that yet because it runs through the year, some has gone through now but quite a lot’s still to come.”

This happened just moments after official figures revealed that Britain’s unemployment rate had fallen to its lowest point in over 47 years. Yet, workers have seen their wages fall while inflation soars.

Yesterday, the Bank of England governor warned of “apocalyptic”Food prices rise due to war in Ukraine.

Andrew Bailey used this eye-popping phrase when he acknowledged the situation. “very, very difficult”As inflation soars.

M. Bailey also admitted that despite discussions about whether to increase interest rates to control inflation, he did not agree to it. “there’s not a lot we can do about 80% of it”.