UK cost of living crisis: Why is inflation on the rise?

Prices in the UK have already risen by 9% in 2022 making this the highest rate of inflation since 1982.

Inflation rates could reach 10% by the end of the year according to Bank of England governor Andrew Bailey who also warned MPs there could be a rise in global food prices.

But how did we get here? According to the Office for National Statistics energy bills are the main reason behind the rise in inflation caused also by the impact of the Ukraine war on oil and gas prices.

Average gas and electricity prices jumped by 53.5% and 95.5% in April this year while fuel prices are hitting 161.8p per litre.

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