Millions of households warned to brace crashing pound will hit
Millions of households were last night warned to brace themselves for soaring inflation triggered by the plunging pound.
Sterling suffered another slump yesterday, tumbling 2.5 cents against the dollar to a new 31-year low of $1.21.
It also fell over 0.5% to around 1.103 against the euro.
Around 5% has been wiped off the pound in the past four days and a massive 18% since June’s bombshell Brexit vote.
The fall is already hitting the average family through higher fuel prices and dearer holidays abroad.
But experts say that is nothing compared to a wave of price rises on the way.
Soaring import costs are set to lead to price hikes for everything from gas and electricity to food, clothes and toys.
The Government’s preferred measure of inflation - the Consumer Prices Index - c...