Chancellor Rishi Sunak will today deliver his spring statement against the backdrop of the highest annual rate of inflation in three decades.
Today’s consumer prices index (CPI) figure jumped to 6.2%, up from 5.5% the previous month and more than the 6.1% forecast in the City. The retail prices index, which is still used in setting some bills, hit 8.2%.
The Bank of England warned last week that CPI inflation could top 8% once April’s 54% increase in Ofgem’s energy price cap is included in calculations. Today’s figures were compiled before Russia’s invasion of Ukraine sent commodity prices surging.
