Home Business News Chancellor under pressure to help households with living costs as inflation hits 6.2 per cent

Chancellor under pressure to help households with living costs as inflation hits 6.2 per cent

by LLB Finance Reporter
23rd Mar 22 9:15 am

The Chancellor Rishi Sunak is under pressure to help households with the soaring living costs in today’s spring statement as the annual rate of inflation has now hit 6.2%.

The consumer prices index (CPI) increased in February from 5.5% in January, which is the highest level in 30-years.

The Office for National Statistics (ONS) said this was larger then expected as they had previously thought the rate would stand at 5.9%.

Energy bills and the soaring cost of fuel prices at the pump are the biggest contributors to the rise in inflation.

Grant Fitzner, chief economist at the ONS said, “Inflation rose steeply in February as prices increased for a wide range of goods and services, for products as diverse as food to toys and games.

“Clothing and footwear saw a return to traditional February price rises after last year’s falls when many shops were closed. Furniture and flooring also contributed to the rise in inflation as prices started to recover following new year sales.

“The price of goods leaving UK factories has also been rising substantially and is now at its highest rate for 14 years.”

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