With home energy costs set to jump, country faces sharpest drop in real spending power since mid-1950s
Russia’s attack on Ukraine helped push the price of oil to over $100 a barrel for the first time since 2014. Here’s how rising oil costs could further boost inflation across the U.S. economy. Photo illustration: Todd Johnson The U.K.’s inflation rate rose to a fresh three-decade high in March, as energy prices surged following, driving a decline in real incomes that is forecast to be the most severe since the mid-1950s.
Consumer prices were 7% higher in March than a year earlier, a pickup from the 6.2% rate of inflation in February, and the highest since March 1992, the Office for National Statistics said Wednesday.
And sanctions made it worse and worse
Inflation was out of control well before Russia invaded ukraine