'A dire situation': Industry reacts as UK inflation hits 6.2%

Up from 5.5% in January

UK citizens should prepare for a painful period of inflation over at least the medium term, according to several investment commentators, with some warning that the CPI could reach as high as 8% by April.

This comes following figures from the Office for National Statistics released today (23 March), which showed that inflation reached yet another 30-year high of 6.2% during the month of February; a 70 basis point uptick from January. Prices increased across the piste, with household goods, food and clothing continuing on an upward trajectory due to supply chain disruption and increased demand. Fixed income manager at Aegon Asset Management James Lynch said energy prices were comparatively modest over the period, with Brent crude rising to $90 a barrel, up from $80 over the previous three ...