UK Inflation Reaches Highest Since 1992 As Energy Prices Squeeze Pockets

Britain's annual consumer price inflation rate soared to its highest level in three decades in March as rising food and energy prices squeezed consumer pockets.

According to the Office for National Statistics, the annual inflation rate climbed to 7% in March from 6.2% in February — the highest since March 1992.

"Broad-based price rises saw annual inflation increase sharply again in March," said ONS chief economist Grant Fitzner. "Amongst the largest increases were petrol costs," he added.

Meanwhile, inflation surged worldwide as economies reopened after elongated COVID-19-related lockdowns and fallout from the Russia-Ukraine war.

On Tuesday, the official data showed that the US inflation rose by 8.5% in March — the highest since 1981. In India, annual retail inflation shot up to a 17-month high of 6.95% in March as the food and fuel prices burned holes in consumers' pockets.