The global evil that is inflation is on the march and this inflation is hitting hard in the United Kingdom, which accelerated again in February to 6.2% over one year after 5.5% in January, and remains at a record level in nearly 30 years, announced Wednesday, March 24 the Office for National Statistics (ONS).

Since 1992, inflation had not reached this level as high, said the ONS in a statement. British households will be hoping for a boost from the government on Wednesday 23 March as Chancellor of the Exchequer Rishi Sunak is expected to make a budget speech in Parliament.

It is clear that rising energy prices, including household electricity and gas bills, but also fuel, were a major factor in pulling up prices in February, according to the ONS. But “prices rose across a wide range of goods and services, affecting products as diverse as food and toys and games,” commented ONS chief economist Grant Fitzner on Twitter.

Clothing majors such as H&M and Zara, whose prices were hurt by pandemic-related closures last year, are also seeing prices rebound, as are the furniture and flooring sectors, according to the ONS.

If inflation rises to this level it could reach 8% this year, according to the Bank of England, which has already raised interest rates three times in the past few months in an attempt to calm the situation.