draining, it s absolutely draining. and, you, you are not living, you are really not living. living, you are really not livina. ., ., , living. high inflation hits everyone living. high inflation hits everyone but living. high inflation hits everyone but lower - living. high inflation hits i everyone but lower earners living. high inflation hits - everyone but lower earners with a higher proportion spent on food and energy the highest, doubling the use of these facilities. inflation rates the site at 9% and heading high with high energy cost has not been seen a0 years in this country since march 1982. the lesson of history is when inflation gets to these levels it takes years to come back down as it did in the 1970s and nearly in the 1990s. in the months currently predicted. it is notjust about months currently predicted. it is not just about the worst inflation figures for decades, it is about what is with the
with higher energy costs, have not been seen for a0 years in this country, since march 1982. the lesson of history is that when inflation gets to these levels, it takes years to come back down again, as it did in the 19705 and nearly did in the 1990s, not the months currently predicted. it s not just about the worst inflation figures for decades. this problem is so broad based, affecting every single household in the country, either in the extraordinary monthly direct debits that energy companies are asking customers to pay or in prepayment meters. it s not a pinch, it s not a squeeze, it s a profound hit to household income. and when you take so many billions in spending power out of the economy, an inflation problem quickly turns into a growth problem. and the question is, how long is it going to last? the chancellor acknowledged economic fears at a dinner for business leaders tonight and promised some further help. there is no measure that any
most of the rise was due to the large increase in energy bills after the lifting of the price cap last month. the chancellor rishi sunak blamed higher global energy prices he said the government could not protect people completely from what he called these global challenges but added, we are providing significant support where we can, and stand ready to take further action . labour said the actions the government has taken were not sufficient and repeated its calls for an emergency budget. our business correspondent andy verity is here. inflation is at 9%, that s something that many of us won t have experienced before and went remember. i experienced before and went remember- experienced before and went remember. ~ ., ., ., remember. i don t know how old you are but i remember. i don t know how old you are but i can remember. i don t know how old you are but i can just remember. i don t know how old you are but i can just about remember. i don t know how old you are but i c
the global cost of energy is hitting us hard. petrol and diesel rose by 31% to new record highs. electricity bills jumped by 54% and gas bills by 96%. as this chart shows you, you have to go all the way back to march 1982 to find the last time inflation was this high, and although you ve had flare ups in the early 1990s and after the global financial crisis, since then, it has never got into double figures. there is little central banks or governments can do to stop global inflation getting above 10% later this year. government said it is providing significant support where it can and is preparing to take further action. but economists visiting this grimsby fish market want much more to be done to cushion the blow. there is stuff that the government can do, it s not done enough. and actually for me, the top thing it should be doing is increasing benefits for those at the low end that
spent on food and energy, the hardest, doubling the use of these facilities, according to the trussell trust. inflation rates this high, 9% and heading higher, with higher energy costs, have not been seen for a0 years in this country, since march 1982. the lesson of history is that when inflation gets to these levels, it takes years to come back down again, as it did in the 1970s and nearly did in the 1990s, not the months currently predicted. it s not just about the worst inflation figures for decades. this problem is so broad based, affecting every single household in the country, either in the extraordinary monthly direct debits energy companies are asking customers to pay or in prepayment meters. it s not a pinch, it s not a squeeze, it s a profound hit to household income. and when you take so many billions in spending power out of the economy, an inflation problem quickly turns