LONDON (The Guardian) -
Prices are rising at their fastest rate for 40 years as higher energy bills hit millions of households.
UK inflation, the rate at which prices rise, jumped to 9% in the 12 months to April, up from 7% in March.
The surge came as millions of people saw an unprecedented £700-a-year increase in energy costs last month.
Higher fuel and food prices, driven by the Ukraine war, are also pushing the cost of living up, with inflation expected to continue to rise this year.
Citizens Advice said “the warning lights could not be flashing brighter” for the government to offer more support for households, and debt charities urged anyone finding it difficult to pay bills to seek help earlier rather than later in the year.
Around three quarters of the rise in inflation in April came from higher electricity and gas bills, according to the Office for National Statistics (ONS).
“It’s a battle and it seems like there’s not really much more that I can do.”
Up until now households of all incomes had faced similar rates of inflation, but the poorest are now being hit hardest by rising prices because they have to spend far more of their household budgets on gas and electricity, think tank the Institute for Fiscal Studies said.