UK inflation hits 30-year excessive of seven%

UK inflation hits 30-year high of 7%

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The annual inflation rate climbed to 7.0% in March from 6.2% in February, its highest since March 1992 and by more than expected by most economists in a Reuters poll, official data showed on Wednesday.

The month-on-month rise was the highest for the time of year since the Office for National Statistics’ records began in 1988. Broad-based price rises, ranging from vehicle fuel to food and furniture, were behind the increase.

Households are facing the biggest cost-of-living squeeze since records began in the 1950s, according to Britain’s budget forecasters, and the inflation overshoot is further bad news for the government too.

Johnson and Sunak were fined by police on Tuesday for attending a June 2020 birthday party for Johnson at his Downing Street office at a time of COVID-19 restrictions, leading to calls from political opponents for them to resign.

Sunak — previously seen as a leading candidate to succeed Johnson as prime minister — has seen his popularity slide after a budget…

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