May 18, 2022
Next months will be tough as prices rise - Sunak
Rishi Sunak is to warn that the next few months "Will be tough" after it was revealed prices are rising at the fastest rate for 40 years. UK inflation, the rate at which prices rise, jumped to 9% in the 12 months to April, up from 7% in March. A higher energy price cap - which is the maximum price per unit that suppliers can charge customers - kicked in last month, meaning homes using a typical amount of gas and electricity are now paying £1,971 per year on average. Fuel prices have also surged, with the RAC motoring group on Wednesday warning that petrol and diesel prices have hit new records of £1.68 and £1.81 per litre respectively. Up until now households of all incomes had faced similar rates of inflation, but the poorest are now being hit hardest by rising prices because they have to spend far more of their household budgets on gas and electricity, the Institute for Fiscal Studies said.
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