Britain has seen its highest level of annual inflation in 30 years, while the government appears to remain set on moving forward with major tax hikes.
The UK’s annual rate of inflation hit its highest point in 30 years during the month of February, rising to 6.2 per cent. According to the Office of National Statistics (ONS), this is the highest level seen since 1992.
In a report published on Wednesday, the ONS noted that record inflation was largely down to the increased cost of furniture, household goods, and “recreation and culture”, though food and fuel costs were also cited in the report.
“Inflation rose steeply in February as prices increased for a wide range of goods and services, for products as diverse as food to toys and games,” said Grant Fitzner, Chief Economist of the ONS, regarding the inflation hike.
“Clothing and footwear saw a return to traditional February price rises after last year’s falls when many shops were closed,” he continued. “The price of goods leaving UK factories has also been rising substantially and is now at its highest rate for 14 years.”
Despite the cost of living crisis, the government seems reluctant to help. Rishi Sunak has refused to pull back on promised tax hikes which are due to imminently hit the wallets of the general public.