Soaring food costs and the energy bill crisis are driving up prices at their fastest rate in almost 30 years, squeezing living standards.
Inflation surged to 5.4% in the 12 months to December, up from 5.1% the month before, in another blow to struggling families.
The last time inflation was higher was in March 1992, when it was 7.1%.
And with gas and electricity costs set to increase further soon, analysts warned it could reach that level again.
Households have seen their energy bills kept in check by the government’s price cap, which limits the amount suppliers can charge, but this is set to be revised on 1 April.
As a result, fuel bills could increase by another 50% in the next few months, the energy industry has warned.
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