[tracym]

The UK’s cost of living crisis escalated in December, as inflation jumped to its highest level in almost 30 years at 5.4%.

The Bank of England expects the consumer prices index will climb to about 6% by April, and the International Monetary Fund warned inflation and Omicron will dent global growth in 2022.

As inflation climbs the chancellor, Rishi Sunak, is under pressure to rethink April’s hike in National Insurance as business large and small face spiralling costs.

Five businesses speak about how inflation and rising energy costs are affecting them.

[joselync]

The main reason is the rising global price of energy. This has meant higher energy and transport bills for businesses, many of whom pass on the extra costs to customers. Supply problems and higher shipping costs also continue to hurt businesses.