The Institute for Fiscal Studies have published evidence that low-income UK households will face higher inflation rates.

The think tank released an analysis of today’s fresh inflation figures from the Office for National Statistics, demonstrating that Consumer Prices Index rocketed to nine per cent between March and April.

The analysis said that the “poorest households faced inflation rates of 10.9 per cent… three percentage points higher than inflation rates for the richest decile”.

They put this down to lower income households spending more income on gas and electric.

The Bank of England previously said inflation could hit 10 per cent by the end of 2022.

This recent surge was driven by rising household energy bills, with the energy price cap increasing by £693 (54 per cent) for the typical family in April. Households had already seen petrol prices reach their highest real rate since 2012, and some of the impact of higher energy prices is still to come through with rising costs for businesses likely to be passed on to consumers later in the year.