UK Inflation Hits 30-Year High of 7%

Figures released from the Office for National Statistics on Wednesday showed the annual inflation rate in the United Kingdom climbed to 7.0% in March, its highest level since March 1992.

According to the Office for National Statistics, the most recent rise in the consumer price index was the fastest in three decades, coming just a month after the barometer for rising living costs increased by 6.2 percent in February.

The enormous inflation in the UK came after Russia’s invasion of Ukraine sent the global oil price close to record levels amid concerns over supply disruption and sanctions.

Average petrol and diesel prices have risen to more than 30 percent in the last year, reaching record highs of 160.2 and 170.5 UK pounds per liter, respectively, the highest annual increase since 1989.

Restaurant and hotel costs also jumped sharply in March after being unavailable during the shutdown last year.

The Bank of England has warned that inflation is on track to reach 8% this April and could peak close to 10% later this year, the highest rate in four decades.

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