UK inflation hits 30-year high

The high energy prices are also having an impact on the inflation rate in Great Britain. The inflation rate reached 6.2 percent in February, the highest level since 1992.

Inflation in the UK rose to its highest level since 1992 in February amid soaring energy prices. The inflation rate reached 6.2 percent, after 5.5 percent in January, the national statistics office said on Wednesday. Inflation was last even higher in March 1992 – at that time it was 7.1 percent.

Inflation in Great Britain, as in other European countries, was recently driven primarily by rising electricity and gas prices. But other products have also increased significantly, explained the statistics office, from food to toys and clothing.

Demands for relief for citizens

Finance Minister Rishi Sunak is being confronted with demands for clear relief for consumers. He wanted to speak in Parliament on Wednesday.

Inflation in Great Britain has been rising for months and, according to the Bank of England, could exceed the eight percent threshold this year. In order to calm the situation, the central bank has already raised the key interest rate several times. The Russian war of aggression in Ukraine is now further exacerbating the situation.