With rampant fuel and high energy prices causing no end of financial pain for the UK household, the inflation rate for the 12 months to March came in at an eye watering 7% , figures released by the ONS. These levels have not been seen since 1992. Forecasters were looking for a higher rate than February's 6.2% but the consensus was around 6.7%. With higher energy prices not yet fully priced in, this is only going one way and 8% is probably just two months away.

Surging inflation isn't just a UK economic nightmare, the US is already dealing with 8.5% inflation, fuel related in the main and the EU is registering a collective  7.5% for the same period.