Full story: inflation hits 7% in March as Britain’s cost of living soars
Households in Britain have come under renewed pressure from the soaring cost of living after the official inflation rate reached 7% last month amid a record increase in petrol and diesel prices.
Figures from the Office for National Statistics showed the latest rise in the consumer prices index was the fastest in three decades, coming a month after the barometer for rising living costs jumped by 6.2% in February.
With broad-based price rises across the economy, the biggest increase came in the cost of filling up at the pump after Russia’s invasion of Ukraine sent the global oil price close to record levels amid concerns over supply disruption and sanctions.
Average petrol and diesel prices soared to record highs of 160.2p and 170.5p a litre respectively, rising by more than 30% over the past year – the biggest annual increase…