The Consumer Price Index (CPI) soared to a 30-year inflation high of 6.2% in February 2022, according to figures released by the Office of National Statistics (ONS).
The 6.2% spike beat initial projections of 5.9% and represented a 0.8% month-on-month climb ahead of the estimated 0.6% increase.
The retail price index hit 8.1% in line with earlier predictions with a 0.8% rise month-on-month.
The highest sector climbers included clothing, furniture, culture, recreation, household goods, food and drink.
Pensioners will be among the hardest hit by the skyrocketing inflation and will require urgent assistance from the government to survive the rising rates on basic food, energy and consumer services.
“The spike in rises is sharp and steep – it’s almost vertical,” said interactive investor head of pensions and savings Becky O’Connor.
“A generation has grown up having never experienced price rises like this and the pain is far from over.”
“Anyone on low, fixed incomes, such as pensioners, will be flung into poverty and debt struggles without further immediate help from the Government.”
“They can expect some help – whether it is enough remains to be seen.”
The slight uptick in consumer spending after the easing of restrictions around Omicron is set to decline on the back of rising costs in everything from takeout to gas, which will see consumer budgets take a massive hit as households feed rising energy and basic expense costs.
However, analysts have warned that the rising CPI has not taken into account the impact of Russia’s war in Ukraine.
“The worst is yet to come as the impact of Russia’s invasion of Ukraine is yet to be fully factored in,” said ZEVRA global head of fiduciary investments Toby Sturgeon.
“The Bank of England last week suggested inflation could reach 10% this Autumn which will certainly stretch household budgets.”
Investors should expect to brace for a difficult summer and a potentially chilling winter as prices look set to climb higher and higher going forward in 2022.