'We have been here before': Advisers recall 90s inflation nightmare

Higher energy costs, supply chain issues and resurgent demand continued to drive up consumer prices, the data suggested. "The Bank of England has predicted inflation will hit 6% in April. In the 70s it reached 7.1% mainly due to the price of oil quadrupling in 1973 due to the oil embargo and doubled again in 1979 as a result of the Iranian revolution. In the 80s inflation reached 5.5% due to recessions caused by tight monetary policies in an effort to fight mounting inflation so ultimately we have been here before," Lamb says. 'Back to the nineties': Industry reacts as UK inflation re...