The latest CPI inflation figures for February show headline inflation totalled 6.2% and food inflation 5.1%.

The government’s preferred measure for the cost of living increased from 5.5% in January and is now at its highest level for three decades.

Toby Sturgeon, global head of fiduciary investment services at ZEDRA, said: “The UK Consumer Price Index hit 6.2% in February well ahead of the estimate of 5.9%. That is the highest reading since 1992 and has increased from 5.5% in January, jumping 0.8% month on month v 0.6% estimated. The Retail Price Index rose to 8.1% up 0.8% month on month in line with forecasts.

“The worst is yet to come however as the impact of Russia’s invasion of Ukraine is yet to be fully factored in. The Bank of England last week suggested inflation could reach 10% this Autumn which will certainly stretch household budgets.”

The Chancellor is due to give his Spring Statement later today and expectations are high that he will announce measures to ease the cost of living crisis for households.