Later today, Rishi Surak, the Chancellor of the Exchequer, will stand up in Parliament

and deliver the economic and fiscal spring forecast, during which we should get some idea

of what the government plans to do about the burgeoning cost of living crisis.

The latest figures today show shoppers have been hit by the highest price rises in almost

10 years.

This is a real decline in living standards and it's going to hurt.

The prices of goods and services have been rising steadily and therefore inflation

with them.

But why?

And how bad is it likely to get?

We think that inflation will peak later, like in the summer and for longer, because all

of these pressures are building and what's happening in Ukraine, that's all going to

add to it.

Trouble is with economies is like whack a mole, you solve a problem here and create another

somewhere else.

inflation can be controlled and it has been controlled but it usually has a cost and

usually that cost is felt by those who are worst off.

Your listening is a story of our times, the times and the Sunday times, I'm David Ronevich.

Today, the cost of living crisis, a nation, feels the pinch.

I'm Ashley Armstrong, I'm retail and mergers net croissants editor on the Times Business

team, which means that I cover everything to do with retail, which is really everything

that you can buy.

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