Inflationary pressures are forcing up the price of food and fuels across the UK, according to the latest data from the Office of National Statistics (ONS).

The headline rate of inflation for the country as a whole currently stands at three per cent and much of the blame for this relatively high figure has been attributed to rising fuel and food prices.

Inflationary pressures could see many households struggling to meet their everyday expenditures and needing to take on secured loans in order to cope financially, and the Bank of England (BoE) expects to see current pricing trends continue.

A statement from the ONS explained: "The largest upward contribution to the change came from housing and household services price of gas, electricity and heating oil."

The latest inflation data has led to widespread speculation that the BoE will be unwilling to provide the cut in interest rates that people in debt might have been hoping for.


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