Inflation has risen at the fastest rate in 40 years to 9% as energy prices soared in April, according to latest figures from the Office for National Statistics.

The dramatic increase is primarily a result of global supply issues and soaring energy and petrol prices in April.

James Andrews, Senior Personal Finance Editor at money.co.uk, said: “Today’s dramatic increase in inflation will affect millions of UK households, with prices for everything from food and drink to the cost of energy surging.

“While there’s no single solution to the economic downturn, a firmer plan of action from the government plotting a route out of these choppy economic waters and pointing towards a light at the end of the tunnel would provide reassurance for millions of families struggling to make ends meet.

“And the source of the problem is clear – almost half the inflation rise was down to just energy and petrol price rises. Assurances that there was help in place for people with these costs would go a long way to easing fears.

“The rise is especially frustrating for Brits as it’s completely out of their control. We’re experiencing a cost of living crisis that’s impossible for many people to overcome with savvy saving alone. For the time being, there’s little you can do other than slash non-essential spending from your household budget as best you can.

“The severity of the crisis and the fact it has been going on for months is understandably a huge concern.

“It’s important to remember that there are some forms of support available. Claim every benefit you can to help you get by, from Universal Credit to Child Benefit, and go to Citizens Advice for free impartial advice or the charity Step Change for if you need help managing debt. Check out our handy guide on what benefits you’re entitled to here.

“And things are likely to get worse before they get better. Energy prices are set to rise again in October – just as winter begins to bite – and recent increases in interest rates will see more money going on bills.

“To learn more about inflation and what it means for you, read money.co.uk’s handy guide here: https://www.money.co.uk/guides/what-you-need-to-know-about-inflation.”