Since 1992, the rate of inflation in the United Kingdom has hit 6.2%, the highest level since.

London, England (AFP) – Inflation in the UK rose to a near three-decade high in February, official data showed on Wednesday, ahead of a budget update meant to cut down on high living costs.

According to the Office for National Statistics, the annual rate rose from 5.5% in January to 6.2% last month. This was ahead of Finance Minister Rishi Sunak’s budget speech.

The last time the rate was higher was in March 1992, when it reached 7.1 percent.

According to the ONS, rising household energy and gas prices played a significant role in February’s broad-based price increases.

Sunak is under a lot of pressure, even from Conservative colleagues, to help solve the problem of how much it costs to live in Britain.

According to ONS chief economist Grant Fitzner, “Inflation jumped sharply in February as prices for a broad variety of goods and services increased, from food to toys and games.”

Clothes and footwear experienced a return to the customary February price increases after the previous year’s declines due to the closure of several stores.

Also, when prices started to rise again after New Year’s deals, furniture and flooring helped to drive up prices.

“The price of goods made in the UK has also gone up a lot, reaching its highest level in 14 years.”

There has been a lot of inflation in the world for years, which has made central banks like the Bank of England raise interest rates.

His budget speech will be delivered around 12:45 GMT. Sunak has hinted that the tax on fuel for cars and other vehicles could be cut in the speech.

At the same time, Russia’s invasion of Ukraine has pushed crude oil, domestic energy, and food prices to new highs, which has caused global inflation to rise at a time when countries are still recovering from the epidemic.