UK inflation rises at the fastest pace in 30 years

LONDON (AP) — British consumer prices rose at their fastest pace in 30 years last month, fueled by soaring prices for household energy and motor fuels. The Office of National Statistics reported Wednesday that inflation accelerated to 7% in the 12 months through March. That’s the highest annual rate since March 1992. The U.K. is facing what economists say will be the biggest drop in living standards since the mid-1950s as rocketing energy costs, rising food prices and tax increases overshadow higher wages. It comes as people worldwide are feeling the squeeze of inflation. Consumer prices jumped 8.5% in the U.S. last month and 7.5% in the 19 countries using the euro.