UK inflation hits 7% as energy prices continue to surge

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...