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More pressure on household finances as inflation hits 30 year high and soars to 5.4%

INFLATION has soared to 5.4% – up from 5.1% last year, according to new data from the Office for National Statistics.

It comes as wages have been seen to take a tumble with the average pay growth recorded at just 4.2% – far lower than the increasing inflation rate.

Inflation is up to its highest rate in 30 years

It means the rate is its highest in 30 years and only piles on more pressure on already struggling household finances.

Rising prices have already pushed up bills and created a cost of living crisis for millions of Brits.

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