Consumer prices in the UK rose at the fastest pace in 30 years in March, helped by sharp increases in electricity and fuel prices, AP reports.

Inflation in the United Kingdom accelerated to 7% in the 12 months to March, the highest annual rate since March 1992, the Office for National Statistics said.

The UK is facing what economists say will be the biggest drop in living standards since the mid-1950s as skyrocketing energy, food and tax increases overshadow higher wages.

People around the world are feeling the pressure of inflation as demand quickly rebounded from the COVID-19 pandemic and the war in Ukraine has further increased energy costs and narrowed supply chains.

In the United States, consumer prices jumped 8.5% year-over-year in March, the fastest pace in more than 40 years.

In the 19 European countries that use the euro, inflation rose to 7.5%, reaching a record high for the fifth month in a row.

In the UK, losses from inflation-adjusted average household income growth are expected to fall by 2.2% this year, according to an independent government budget adviser.