Inflation hits 4.7%
Inflation hits 4.7%
Tuesday 16th September 2008
Official data from the Office for National Statistics reveals that inflation hit 4.7 per cent over the course of the month, up from a figure of 4.4 per cent in July.
The rises have been fuelled by soaring energy costs and a surge in food bills and petrol prices.
These three areas account for 2.1 per cent of the 2.6 per cent increase in prices since December last year.
Commenting on the figures, Meryvn King, the governor of the Bank of England warned that worse could be ahead and predicted that inflation could hit five per cent over the next few months.
News of the figures comes as debt advice companies are reporting increases in demand for debt management solutions as more and consumers struggle to meet higher living costs.
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