Inflation in the UK climbed to 7% in March, the Office for National Statistics (ONS) says.

This compares to a 6.2% rise in February, at the time the fastest rise recorded in 30 years.

The latest figure is the highest inflation level seen in March since 1992, which was recorded at 7.1%.

Energy costs for housing and transport were the main contributors to the rise, the ONS reports, and it is worth noting that April’s energy bill price hikes – an average increase of 54% per household – have yet to be brought into the inflation calculation.

Some industry watchers, including Scottish Friendly savings specialist Kevin Brown say that autumn may see inflation reach 10% as a result.

In early March, the Bank of England published the results of a survey that showed public sentiment towards the central bank’s ability to handle inflation dropping for the fourth quarter in a row.

Langley House Mortgages director Robert Payne comments: “This is a massive concern for the mortgage market as there is a real risk of existing borrowers struggling to maintain their payments on higher interest rates.”

He continues: “Lots of borrowers have borrowed to their maximum capacity on the lowest rates in history so despite the fact lenders stress test their maximum borrowing limits, the reality is many will struggle with the increased payments and the impact of higher living costs.”