Credit;PA
The rate of inflation increased at its fastest rate on record last month, according to new official figures.
Consumer Prices Index inflation rose to 9 per cent in the year to April, up from an already high 7 per cent in March, the Office for National Statistics said.
It was the fastest measured rate since records began in 1989, and the ONS estimates it was the highest since 1982.
A large portion of the rise was due to the price cap on energy bills, which was hiked by 54 per cent for the average household at the start of April.
Grant Fitzner, chief economist at the ONS, said: “Inflation rose steeply in April, driven by the sharp climb in electricity and gas prices as the higher price cap came into effect.
“Around three-quarters of the increase in the annual rate this month came from utility bills.
“We have also published new modelled historical estimates today which show that CPI annual inflation was last higher 40 years ago.”
Commenting on the ONS numbers, Siobhian Raymond, owner at South London-based micro pottery, Pale & Interesting said: “Rising inflation is having a massive effect on our daily lives.
“I find myself panicking about the price of food. Our money isn’t lasting nearly as long as it needs to. I’ve noticed a significant loss in customers over the past few months.
“Being self-employed and running a small business is scary, and I literally have to work from the moment I wake up, until I go to bed, in the hope that I can generate sales that will provide for my family.
“The government is doing nowhere near enough for lower income homes and small businesses. The rich are getting richer and the poor, poorer.
“I don’t see how working class people and small businesses will survive if things carry on the way that they’re going. I’m genuinely worried for my children’s futures.”
Stewart Morton-Collings, owner at For Me and For You Designs added: “We’re a small family business and have weathered many storms over the past 10 years but the current situation is unlike anything we’ve ever seen.
“By the end of this year, our energy costs at home and in the business will be bigger than our mortgage and rent for our workshop, while raw material costs have shot up.
“At the moment, we’re not sure where this additional money will come from. Our food bills have gone through the roof so we’ve started to use charities who distribute out of date food. We walk or cycle as a family, cutting down our use of our car and van.
“We’ve drastically reduced our energy consumption, but all these measures won’t be enough to get us through.
“Our only option is to work seven days a week, every week, with no breaks. Holidays, gifts, treats for the kids have all been forgotten. It feels like we’ve gone backwards 50 years.”
