Latest figures released from the Office for National Statistics (ONS) shows that inflation has now hit the highest level in 40 years following the deteriorating cost-of-living crisis.
The inflation rate soared up to 9% last month, the highest it has been since 1982.
ONS released data that showed a broad-based hike in prices of everyday goods and services throughout April. A significant factor to this increase has been the unprecedented 54% increase in the energy price cap, which was implemented at the start of the month.
In addition to the increase in energy prices, fuel rates have also seen a record high increase in pieces.
The chief economist at the confederation of British industry (CBI) predicts that inflation will continue to remain high and will result in a momentous squeeze on households incomes as well as a tough trading environment for businesses.
To help support individuals in understanding how the increase in inflation will affect their expenditure, ONS have published a personal inflation calculator which enables consumers to enter the amount of money they currently spend against different categories. The calculator will then provide users with an estimate of their personal inflations based on those spending patterns.
The ONS are also working closely with their colleagues at the ONS Data Science campus to develop a set of statistics which will measure the changing prices of 30 grocery items such as pasta, bread, and milk.
Since 1992, D E Ball & Co Limited has been an independent business advisory service based in Telford, Shropshire. With their advisors working with businesses in the agriculture, services, construction and retailer sectors, they have a broad span of knowledge to offer. To find out more about D E Ball and Inflation rates click here: https://www.deball.co.uk/
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