Soaring petrol costs drive UK inflation to 30-year high

The price of petrol and diesel has gone up at a faster rate than any other time in the last 30 years.

In the year to March, the UK's inflation rate rose to 7 percent, the highest rate since 1992 and up from 6.2% in February.

There is pressure on the government to help those who are struggling with rising prices.

After the energy price cap was increased, the cost of living is expected to go up even more.

The rate at which prices rise is called inflation. Milk inflation is 5% if a bottle of milk costs more than 5p.

The Office for National Statistics said that fuel had the biggest impact on the inflation rate, with average petrol prices rising by 12.6p per liter between February and March, the largest monthly rise since records began in 1990.

The rise of 3.5p per liter in the same months of 2021.

Diesel prices rose by 18.8% this year, compared with a rise of 3.5p per liter a year ago.

The rise in the inflation rate was higher than expected and was caused by furniture, restaurant and food prices.

The figures for March do not reflect the average 700-a-year increase in energy bills that took place from 1 April when the energy price cap was raised.

Since late last year, prices have been rising fast as firms face higher energy and shipping costs, which they have passed on to consumers.

The price of oil and other commodities are going up as a result of Russia's invasion of Ukraine.

Russia is one of the world's largest oil exporters and demand for oil from other producers has increased since the invasion.

When global prices rise, the UK's imports of crude oil from Russia are affected.

The war in Russia has hit the prices of sunflower oil.

The price of oils and fats for food increased in the UK in March.

Andrew Selley, the chief executive of Bid Food, said that rising electricity, fuel and packaging costs were affecting the price of all its products.

He told the radio station that the products affected by the war in Ukraine were wheat-based foods, sunflower oil, chicken and white fish.

I have been in the business for over 30 years. He said that he had never seen a situation where everything seemed to be going up in price.

The firm used to source a lot of its chicken from Poland, but after the war in the country, they decided to source chicken from other countries, causing prices to go up by a fifth.

Sara said she may have to give up her degree because of the rising cost of fuel.

She only started the three-year course in October but she has a 2.5 hour commute each day to get to university in Northampton and her petrol costs have gone up.

It would be hard to give up my course. Sara said that it was a big decision to change her career at 32.

Recently, we sat down and thought, can I afford to be a full-time student?

Businesses are being put under pressure by the rise in prices.

The owner of a pizzeria in Greater Manchester said the increase in the minimum wage, the end of VAT relief, and rising fuel and food prices have all hit his business. The restaurant is spending 500 more a week on energy.

We need to find an extra 1, 400 a week to cover the costs of everything that has happened in the last few weeks.

He says he will have to raise prices and charge extra to cover his rising overheads.

He's worried that people might start eating out less as their budgets are squeezed.

This is not a cost of living squeeze, but a financial squeeze for many people. Wages, benefits and pensions are not keeping up with price rises.

There were no large offsetting downward contributions to the inflation rate according to the ONS. Nothing is getting cheaper.

It is impossible to avoid price rises. Even if you don't have a car, other necessities are getting more expensive.

The only option is to budget as best we can, across every part of our lives. They stress the importance of seeking early and free help before falling into debt.

The cost of living crisis will continue to get worse before it gets to a point where it starts to ease next year, warned Jack Leslie, senior economist at the Resolution Foundation think tank.

He said that people were facing the biggest squeeze since the 70s because wages weren't keeping pace with rising prices.

This is a worrying time for many families, which is why we are taking action to ease the burdens by providing support worth around 22 billion in this financial year, including for the most vulnerable through our Household Support fund.

The cost of living is hitting households hard, so Labour criticized the government for increasing taxes.

The leader of the Liberal Democrats called for an immediate reversal of unfair tax hikes.

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