UK inflation hits 7% as energy prices continue to surge

Highest in 30 years

clock • 3 min read

UK inflation has accelerated to a new 30-year high according to the latest figures, reaching 7% from March from 6.2% in February.

The highest CPI inflation rate since March 1992 has been driven primarily by the shock in energy prices, with housing and transport prices also pushed up due to the cost of fuel. Other sectors, such as clothing and footwear or furniture, household equipment and maintenance have risen by about 10% in the last year, however, the vast majority of the rise has come from energy costs. The 12-month rate for motor fuels and lubricants was 30.7%, the highest since records began in January 1989. This has meant that average petrol prices per litre reached 160.2p in March, compared to 123.7p a y...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Goal progression: What matters most to younger investors

Goal progression: What matters most to younger investors

Many advisers are trying to win over and retain more younger clients

Gordon Titman
clock 13 June 2024 • 4 min read
Darius McDermott: What will be the catalyst for real assets?

Darius McDermott: What will be the catalyst for real assets?

Real assets are providing increasingly important in the AI boom

Darius McDermott
clock 07 June 2024 • 4 min read
Cat among the pigeons: Are 'world' indicies really global?

Cat among the pigeons: Are 'world' indicies really global?

When will I see my picture in the paper?

Chris Justham
clock 06 June 2024 • 2 min read