The Miami Entrepreneur

Soaring petrol costs drive inflation to 30-year high

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Prices went up by 7% in the 12 months to March, as food, fuel and energy prices continued to climb.

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The cost of living soared higher last month, as fuel prices continued to climb.

Prices rose by 7% in the 12 months to March, their fastest rate for 30 years and up from 6.2% in February.

Prices are rising faster than wages and there is pressure on the government to do more to help those struggling.

Experts say April’s inflation rate could hit 8% after the energy price cap was increased, driving up gas and electricity bills for millions.

Inflation is the rate at which prices rise. If a bottle of milk costs £1 and that rises by 5p, then milk inflation is 5%.

The Office for National Statistics said the biggest contributor to rising inflation was transport, with average petrol prices rising by 12.6p per litre between February and March, the largest monthly rise since records began in 1990.

This compares with a rise of 3.5p per litre between the same months of 2021.

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

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