INFLATION has risen to a 30 year high, up to 6.2 per cent, according to the latest figures from the Office for National Statistics has revealed. 

The hike in consumer price inflation, up from 5.5 per cent at the start of the year, is significantly higher than expected. 

The figures will put pressure on Chancellor Rishi Sunak to do more to help with the cost of living crisis when he delivers his spring statement in the Commons later today.

With fuel, energy and food costs surging, the Bank of England has warned that inflation could yet hit double digits this year.

Iceland’s managing director Richard Walker said the pressure of trying to keep supermarket prices down is “relentless”.

He's called on the Chancellor to take action.

“It’s incredibly concerning. We’re hearing of some food bank users declining potatoes and root veg because they can’t afford the energy to boil them,” he told BBC Radio 4’s Today programme.

The Financial Times reported on Tuesday evening that forecasts in the statement will show the deficit is better than expected this year, to the tune of £20 billion.

However, the newspaper said Mr Sunak is planning to set aside a large part of this windfall cash – rather than investing the full sum in driving down the cost of living.

Labour’s shadow chancellor Rachel Reeves said: “As he heads into his spring statement, he can either choose an unfair tax rise on working people and business at the worst possible time, or he can cancel his tax rise and ease the cost of living hitting families by cutting energy bills by up to £600 through bringing in a one-off windfall tax on oil and gas producer profits.”