By Inflation hits a 30-year high of 7%
According to reports, rising fuel prices are referenced in the latest inflation figures which cover the first month of the conflict in Ukraine.
Allegedly the figures do not include the energy price cap this month, at a reported 54%.
The contributions to the inflation are allegedly fuel prices and energy bills, according to the Office for National Statistics.
From reports, the consumer prices index rose from 6.2% in February, economists have even suggested a further rise.
Petrol prices rose by 12.6p a litre between February and March, Diesel prices saw a rise of 18.8p a litre too.
There has been a slight economic growth of 0.1%, with prices increasing across the board.
The war in Ukraine has reportedly led to oil prices rising to levels ‘not seen for 14 years.
The Treasury has already faced a backlash in response to the cost of living crisis.
From Sky News, the Office of Budget Responsibility was predicting the ‘biggest slump in living standards since the 1950s’.
Rishi Sunak said ” I know this is a worrying time for many families, which is why we are taking action to ease the burdens by providing support worth around £22bn in this financial year.
” We’re also helping as many people as possible into work- the best way for families to gain economic security in the longer term”.
Jack Leslie, senior economist at the Resolution Foundation think tank, said that wages aren’t keeping up with rising prices.
Britain’s cost of living crisis is ” On track to be the biggest squeeze since the mid-70s”.
He goes on to say it will ” Continue to worsen before it starts to ease at some point next year”.
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