CPI inflation soared to 9% in April, up from 7% in March, ONS said today.

The Consumer Prices Index rose to 7% in March, the highest level for three decades, ONS reported today.

Chancellor Rishi Sunak is to scrap the RPI measure of inflation used to calculate millions of pension holders’ annual pension increases despite strong opposition.

The Pensions and Lifetime Savings Association - the trade body that represents 1,300 pension schemes with 20m members - has joined the chorus of concern about the Government’s potential axing of the Retail Prices Index (RPI), the measure used to decide many annual pension increases.