As Costs Rise 7 Percent In March, Inflation Reaches Its Highest Level In 30 Years

The UK also reported uninspiring employment data and slower GDP growth this week.

Chancellor Rishi Sunak is facing more financial pressure after the rate of inflation skyrocketed to a 30 year high.

The Office for National Statistics said that the rate of Consumer Prices Index inflation grew to 7 per cent in March from 6.2 per cent in February.

The rise was higher than the 6.7 per cent that analysts had anticipated and was driven by fuel, restaurant and food costs.

It comes after the United Kingdom also documented uninspiring employment figures and slower GDP growth this week.

Inflation was once more at the highest point since March 1992, when inflation stood at 7.1 per cent.

Labour’s Pat McFadden, the shadow chief secretary to the Treasury, said that the cost of living was hitting households hard. Not only were energy prices up, but the Government was again imposing tax rises, and as today’s rising inflation figures showed, prices on everyday items were up too.

He said Labour had a plan to cut energy bills through a one-off windfall tax on oil and gas producer profits. Meanwhile, the Chancellor has raised taxes for working people to their highest levels in 70 years.

The inflation increase doesn’t even take into account the average 54 per cent increase in energy bills that was applied to about 22 million households two weeks ago.

This won’t appear in inflation figures until next month when April’s data is expected to show another leap in inflation and shows the increasing squeeze on ordinary people.

The Bank of England has predicted that inflation could peak at about 8 per cent in April.

ONS chief economist Grant Fitzner said broad-based price rises saw annual inflation increase sharply again in March.

He said that amongst the largest increases were petrol costs, with prices mostly collected before the recent cut in fuel duty, and furniture.

He said that restaurant and hotel prices also increased steeply in March while, after falling a year ago, there were rises across a number of different types of food.

He said the price of goods departing UK factories had continued to increase substantially with metal and transport products both at record highs and food reaching its highest rate for over a decade. Raw material costs also increased, with significant growth in the price of crude oil.

Petrol at 160.2p per litre on average in March and diesel at 170.5 p, were both at record high prices.

When the cost of living crisis starts to bite, it’s not just the impoverished but also the middle classes that will suffer, and the political danger for this government will rise exponentially.

The British public endures a lot, but even they have limitations when they see their living standards eroding while at the same time the state keeps raising taxes on the British working population but gives generous exceptions to the wealthy living in their tax haven called the United Kingdom.

Boris Johnson and Rishi Sunak are criminals and they should be ousted now because the British people no longer have any faith in them, and don’t believe that this hogwash is about the war in Ukraine. This problem has been two years in the making where supply lines were and are still affected by people not working or not working up to capacity because of COVID restrictions.

Incompetent governments have caused this and what you’re now paying is the true cost of their overreaction to a virus with a better than 99 per cent survival rate.

However, this isn’t a UK centric problem, but a global one, and one which I’d like to believe that those with a few brain cells would have seen coming a mile off, therefore, it shouldn’t come as any real surprise.

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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