cost of living soared at the fastest pace for 20 YEARS
THE cost of living soared at the fastest pace for 20 YEARS last month - tightening the squeeze on cash-strapped families.
Grim figures showed inflation leapt from 5.1 to 5.5 per cent on the Retail Prices Index (RPI) in a huge blow to the Chancellor George Osborne.
Governor of the Bank of England Mervyn King could now be forced to up interest rates in TWO MONTHS time to cool the economy down, said stunned economists.
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Everything from clothing and petrol to gas bills, books, toys and car insurance rocketed in price. Only booze and fags FELL.
It's the highest inflation rate since the middle of 1991 - when John Major was PM.
The Consumer Prices Index (CPI) - which strips out mortgages - rose from 4.0 to 4.4 per cent - a 28-month high.
Alan Clarke, economist at City stockbroker, BNP PARIBAS, said interest rates could now be hiked.He said: "We think that a rate rise will come in May."
Experts said Brits were being clobbered by January's VAT rise, the soaring cost of crude oil and pricier imports from China.
They claimed consumer spending was unlikely to rise for the rest of the year. Pensioners will also see the value of their savings tumble.
The bleak figures came just a day after a report showed Brits were on average £360 a year worse off than at the start of the credit crunch.
"Inflation's going up by four per cent and average earnings are only going up by two. That means real wages are being squeezed."
The Office for National Statistics put February's stunning rise down to more expensive clothing and the recent hikes in gas and electricity bills.
Clothing and footwear went up by 3.6 per cent between January and February - a record. Breads and cereals rose by 2.9 per cent - another all-time high.
Compared with a year ago, fuel is up 15.9 per cent. The AA said diesel was now averaging more than 140p per litre.
Car insurance has rocketed by 29.8 per cent. And women's clothing has gone up by 18.8 per cent.
Angela Eagle, Labour's shadow chief secretary to the Treasury, said: "These are a very disappointing and worrying set of figures.
"People across the country are really facing the squeeze from rising price, which has been made worse by the Tory VAT rise."
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