Inflation surges to 40-year high – ‘turned into a runaway train’

Inflation 'swindles almost everybody' says Warren Buffett

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The rise comes as millions of people have been hit with rising gas and electricity costs that have pushed household energy bills to unprecedented levels. Previous data from the Consumer Prices Index (CPI) showed an increase from March, when the rate was seven percent and February, when it was 6.2 percent.

Higher fuel and food prices, driven by the Ukraine war, are also pushing the cost of living up, with inflation expected to continue to rise this year.

The escalating prices has also contributed to the rising cost of living, deepening the crisis affecting millions of low and middle-income families.

The could fuel demands for the Chancellor to step up help for the most vulnerable people affected.

Commenting on the rise, the Chancellor of the Exchequer, Rishi Sunak said: “Countries around the world are dealing with rising inflation. Today’s inflation numbers are driven by the energy price cap rise in April, which in turn is driven by higher global energy prices.

“We cannot protect people completely from these global challenges but are providing significant support where we can, and stand ready to take further action.

“We’re saving the average worker £330 a year through reducing National Insurance Contributions, changing Universal Credit to save over a million families around £1,000 a year, and providing millions of families with £350 each this year to help with their energy bills.”

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