Silhouettes of shoppers on a British streetThe 7% annual rise for U.K. inflation in March is the highest since 1992.

The UK's annual inflation rate rose to a 30-year high of 7 percent in March, as soaring food and energy prices continue to squeeze consumers.

Consumer prices rose by 1.1% month-on-month, beating expectations for a 0.7% rise in a poll of economists.

The consumer price index has risen for seven months in a row, the highest since 1992.

The U.K. energy regulator increased the household energy price cap by over 50% on April 1.

The Bank of England has hiked interest rates three times in a row, raising the cost of borrowing from its historic low of 0.1% to 0.75%, as it looks to contain runaway inflation without hurting economic growth.

The Russia-Ukraine war has had a negative impact on the economies of the world, with the recovery from the Covid-19 pandemic being hampered.

Boris Glass, senior economist and director at S&P Global Ratings, said British inflation rates are likely to rise and remain at record highs.

The cap on household energy bills will be raised by the end of the month. Glass said in an email Wednesday that the surge in inflation will hit household budgets hard.

If global energy prices don't rise further, the bulk of high inflation should start to fall as early as next winter.

Glass expects inflation to remain above the central bank's target well into next year. If energy price caps increase further in October, he believes inflation will decline more slowly and last longer.

The Bank of England is worried about inflation. The fact that domestic items are gathering momentum and justifying the worry of high rates, is largely due to global energy prices.

The global supply shock caused by Russia's invasion of Ukraine means that inflation is likely to peak higher and take longer to moderate, according to Ambrose Crofton, global market strategist at JP Morgan Asset Management.

As well as the obvious impact the war has had on consumers, Russia's key role as a commodity producer extends beyond just energy to many industrial metals and fertilizers.

Consumers are likely to see further upward price pressure in goods and food products in the coming months.