February figure from ONS is higher than 5.9% predicted by economists, underlining cost of living squeeze
Britain’s cost of living squeeze intensified further last month, according to official figures showing inflation reached 6.2% in February – announced before Rishi Sunak’s spring statement.showed a jump in the government’s preferred measure of the cost of living from 5.5% in January, fuelled by the rising cost of petrol and diesel and a wide range of goods from food to toys and games.
According to the latest snapshot, soaring inflationary pressure was fuelled by rising costs for gas and electricity, as well as averagePrices for clothing, footwear, furniture and flooring all rose after the end of the traditional January sales on the high street, reversing a trend from a year earlier when prices dropped during the third nationwide Covid lockdown when many shops were forced to close.
Rachel Reeves, the shadow chancellor, said plans to increase national insurance contributions needed to be ditched as part of measures to support workers through the tightest squeeze on living standards for at least three decades. The latest increase in the consumer prices index took the measure of inflation to the highest rate since March 1992, when it stood at 7.1%. Further increases are expected as higher motoring costs triggered by Russia’s invasion of Ukraine and April’s increase in domestic energy prices take effect.Thesaid last week it expected inflation to be about 8% in April with the risk of a double-digit increase in the autumn if there is another sharp increase in the energy price cap.
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