Greg Marsh, entrepreneur and Chief Executive of Nous, tells ITV News households could be hundreds of pounds worse off as a result of today’s leap in inflation.
The headline annual rate jumped to 3.5%, above the 3.3% economists expected and higher than the 3.4% forecast by the Bank of England.
The rise was driven by higher food and energy prices, but core inflation — which strips out both — also climbed, reaching 3.8% last month.
Inflation in the services sector, which the Bank monitors closely as a guide to domestic price pressures, increased to 5.4% — a clear signal that wage growth is strong, broad-based, and persistent.
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