Economics
U.K. Inflation Jumps More Than Expected to 30-Year High of 7%
- The squeeze on consumer spending power is set to intensify
- Cost of raw materials entering factories surges record 19.2%
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U.K. inflation surged to a 30-year-high of 7% last month, intensifying a cost of living crisis that threatens to derail the economic recovery.
Consumer prices rose by 1.1% in March alone, the fastest increase on record for that month. It adds to pressure on the government and Bank of England to act, with prices set to surge further this month when a 54% increase in energy costs hit household bills.