From Today's BBC:

"Rishi Sunak is to warn that the next few months "will be tough" after it was revealed prices are rising at the fastest rate for 40 years.

In a speech to businesses later, the chancellor will admit he "cannot pretend" it will be easy to cut the cost of living crunch for families.

It comes as a think tank said the poorest were being hit hardest by steep rises in energy bills.

Households are also dealing with record fuel costs and surging food prices.

UK inflation, the rate at which prices rise, jumped to 9% in the 12 months to April, up from 7% in March, the highest level it has reached since 1982.

Inflation is the rate at which prices are rising. For example, if a bottle of milk costs £1 and that rises by 9p, then milk inflation is 9%.

April's inflation high figure came as millions of people saw an unprecedented £700-a-year increase in energy costs last month.

But at the annual CBI dinner later, the chancellor will tell businesses: "There is no measure any government could take, no law we could pass, that can make these global forces disappear overnight.

"The next few months will be tough. But where we can act, we will." "

Back to blog