The Inflation Rate Has Risen To Its Highest Level In 30 Years, At 5.5 Per Cent

The squeeze on families amplified as inflation crept up to another near 30 year high, with more despair to come.

The headline CPI rate nudged up to 5.5 per cent in January from 5.4 per cent the previous month, with clothing and footwear costs adding to the burden.

Chancellor Rishi Sunak said he’d been listening and understood the pressure on households. Inflation hasn’t been higher since the 7.1 per cent recorded for March 1992, but there are no signs that ministers are thinking again on the swingeing £12 billion national insurance increase expected in April, at the same time as energy bills are set to soar 50 per cent.

The revered IFS think-tank cautioned that almost all that revenue was likely to be swallowed up by soaring debt interest payments. They said with RPI inflation at 7.8 per cent, servicing the UK’s £1.2 trillion debt mountain could cost £69 billion this year rather than the £58 billion forecast at the Budget.

The ONS said the cost of clothes and footwear pushed inflation higher last month, with the lowest January discounts in shops since 1990.

However, inflation is soaring across the economy, driving CPI up to more than double the Bank of England’s 2 per cent target.

Increasing energy costs and fuel prices have been the most significant factors in pushing inflation up to nearly 30-year highs, though food and drink prices and numerous daily essentials have also been on the rise.

The Bank hiked interest rates earlier this month to 0.5 per cent in the first back to back increase since 2004, signalling more are on the way as it looks to rein in rampant inflation.

It forecasted that inflation will soar further due to painful energy price rises before peaking at 7.25 per cent in April, the highest level since August 1991.

Rishi Sunak said that they understand the pressures people are facing with the cost of living, but that these were global challenges, and they have listened to people’s concerns and recently stepped in to provide millions of households with up to £350 to help with increasing energy bills.

He said they were also helping people on the lowest incomes keep more of what they earn by cutting the Universal Credit taper rate and freezing alcohol and fuel duties to keep costs down, and that in total they were delivering support with the cost of living worth over £20 billion across this financial year and next.

Rishi Sunak is married to one of the richest people in the world and is Chancellor of one of the most important positions in British politics, and the 41-year-old multi-millionaire lives a luxurious lifestyle, owning several homes with his mega-rich wife. This man has no affinity for the concerns of ordinary working people in England because he has no concept whatsoever of what it’s like to struggle and be on the poverty line.

And in other news, the United Kingdom spends 4.7 million a day accommodating dingy arrivals in hotels.

No politician has any idea about the struggles of its UK residents.

However, the money has to come from somewhere to pay for this astronomical national debt, but it’s definitely not going to come from the likes of bankers and the wealthy.

How on earth can one of Britain’s wealthiest men comprehend the struggles families are currently enduring – this man should go!

Rishi Sunak keeps saying he understands. However, being a millionaire has no impact on him.

Published by Angela Lloyd

My vision on life is pretty broad, therefore I like to address specific subjects that intrigue me. Therefore I really appreciate the world of politics, though I have no actual views on who I will vote for, that I will not tell you, so please do not ask! I am like an observation station when it comes to writing, and I simply take the news and make it my own. I have no expectations, I simply love to write, and I know this seems really odd, but I don't get paid for it, I really like what I do and since I am never under any pressure, I constantly find that I write much better, rather than being blanketed under masses of paperwork and articles that I am on a deadline to complete. The chances are, that whilst all other journalists are out there, ripping their hair out, attempting to get their articles completed, I'm simply rambling along at my convenience creating my perfect piece. I guess it must look pretty unpleasant to some of you that I work for nothing, perhaps even brutal. Perhaps I have an obvious disregard for authority, I have no idea, but I would sooner be working for myself, than under somebody else, excuse the pun! Small I maybe, but substantial I will become, eventually. My desk is the most chaotic mess, though surprisingly I know where everything is, and I think that I would be quite unsuited for a desk job. My views on matters vary and I am extremely open-minded to the stuff that I write about, but what I write about is the truth and getting it out there, because the people must be acquainted. Though I am quite entertained by what goes on in the world. My spotlight is mostly to do with politics, though I do write other material as well, but it's essentially politics that I am involved in, and I tend to concentrate my attention on that, however, information is essential. If you have information the possibilities are endless because you are only limited by your own imagination...

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