revealed today.
And 1.5% of that increase – measured by the Retail Prices Index – has occurred during the past three months.
Food prices have increased by 4% during the last year, with fresh fruit and vegetables and tea seeing the biggest rises.
The cost of domestic oil rose by 57% and gas prices have increased by 15%. Motorists have also been hit hard over the last 12 months, with petrol rising by 22p a litre between March 2009 and last month and diesel increasing by 13p a litre.
But much of the increase in the rate of inflation has been caused by the effects of the massive cuts in the Bank of England base rate dropping out of the index.
• See Friday’s JEP for full story.
