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U.K. inflation surged to a 30-year high after it came at an annual 7% as prices of energy and food continue to soar causing mayhem among policymakers. 

The 7% annual rise in the consumer price index is the highest since March 1992, outstripping the 6.2% increase recorded in February.

From April 1, the U.K. energy regulator increased the household energy price cap by 54% following an increase in energy prices, including a record rise in global gas prices.

Boris Glass, the senior economist, and director at S&P Global Ratings said British inflation rates are likely to rise and remain at record highs throughout 2022.

“The raising of the cap on household energy bills will add an extra point or so by the end of this month. The surge in inflation will hit household budgets hard, especially those on lower incomes who have now exhausted pandemic savings,” Glass said in an email Wednesday.

“Whilst the short term is set to be painful, the bulk of high inflation should start falling as early as next winter if global energy prices do not continue to rise further.”

Glass added that even if inflation plummets, it will remain above the target of the central bank into the next year. He also said that if energy price caps continue surging in October, inflation will fall slowly, and could last longer. 

“The Bank of England is worried about medium-term inflation. Whilst currently high rates are largely due to global energy prices, the fact that domestic items are gathering momentum increasingly justifies that worry,” Glass added.