Inflation has reached its highest rate in nearly 30 years with prices rising 5.4 per cent in the last twelve months

The rising cost of petrol and second-hand cars contributed to December’s increase, as did household costs, especially gas and electricity bills.

The Office of National Statistics said that food and non-alcoholic drinks, furniture and household goods all went up in price as well.

Responding to the rise Chancellor Rishi Sunak said:

“I understand the pressures people are facing with the cost of living and we will continue to listen to people’s concerns as we have done throughout the pandemic.

“We’re providing support worth around £12 billion this financial year and next to help families with the cost of living.
“We’re cutting the Universal Credit taper to make sure work pays, freezing alcohol and fuel duties to keep costs down, and providing targeted support to help households with their energy bills.”


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