FERMANAGH residents are again feeling the pinch, with the rate of inflation rising as expected, following the fall-out from the war in the Middle East.
The Office for National Statistics confirmed that the inflation rate in the year to March has risen to 3.3 per-cent, in a further blow for residents and the UK Government, who vowed to reduce the figure.
According to BBC News, the significant jump of 0.3 per-cent has came around as a result of fuel rising by 8.7 per-cent month-on-month — the biggest monthly jump since June 2022.
Aside from the increase in fuel prices, residents have also felt the pinch at the tills, with the cost of food and essential items increasing again. Food inflation increased from 3.3 per-cent to 3.7 per-cent, driven by higher costs for items such as `chocolate, meat, fish and soft drinks, with seasonal factors such as Easter also playing a role.
Chief Economist at the Office for National Statistics, Grant Fitzner, recognised that the figure will be a blow to many families.
“The only significant offset came from clothing costs,where prices rose by less than this time last year,” he explained.
“The monthly cost of both raw materials for businesses and goods leaving factories rose substantially, driven by higher crude oil and petrol prices.”
UK Chancellor of the Exchequer, Rachel Reeves, remains adamant that the UK Government’s ‘economic plan is the right one’, as fears mount for the future.
“This is not our war, but it is pushing up bills for families and businesses. That’s why it’s my number one priority to keep costs down,” added Ms Reeves.
“Our economic plan is the right one and has put us in a stronger position to support families in the face of this new crisis.”