Soaring prices for bread, cereal and chocolate meant the cost of living rose more than expected last month. How is inflation affecting you and your money?
Chancellor Jeremy Hunt said he was still confident that inflation would fall sharply by the end of the year.
Inflation in the UK remains higher than in other Western countries, including the US, Germany, France and Italy. On Wednesday, new figures showed eurozone inflation eased to 6.9% last month, from 8.5%.include its exposure to rises in wholesale gas prices, its reliance on imports of certain foods, and worker shortages and wage rises.
Wholesale food prices have started to fall, but it usually takes some time before that feeds through to the supermarket shelves.While food prices remained stubbornly high, petrol prices eased, bringing some relief for motorists.Simon Mellin, founder and chief executive of The Modern Milkman, a milk delivery service, said the food industry had faced soaring costs in recent months, with milk, eggs and packaging prices all going up.
The Bank of England has been raising interest rates to try and curb inflation. In March, the Bank increased rates for the eleventh time in a row, taking the main rate to 4.25%. Rate rises mean higher mortgage payments for some homeowners and those with loans. But they can also benefit savers if banks pass on the higher rate to customers.
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