moneysupermarket.com: Inflation hitting 4.7 per cent

Commenting on inflation hitting 4.7 per cent, Tim Newhouse, from price comparison site moneysupermarket.com, said: "The official inflation figure is at last catching up to the stark reality that people have been aware of for months now.

"The main drivers of this frightening increase in the cost of living are food, which is up by 13 per cent, gas and electricity, and fuel.

"So what could politicians do if they were serious about helping people and reducing inflation?

"They could reduce the VAT on gas and electricity, which stands at five per cent. This year's price rises alone will bring the Government an extra £400 million over the next 12 months.

"They could bring down petrol and diesel tax, which would also reduce the price of everything that relies on transport. At present, Government taxes make up 70p per litre, which is a huge handicap for the millions of people who are struggling right now."