UK inflation hits 40-year high

Data from the UK Office for National Statistics (ONS) showed that annual inflation in the Kingdom accelerated last May to a record high of 9.1% for the first time since 1982.

The increase came in light of rising food and energy prices in the Kingdom, which affected the cost of living in the Kingdom. For comparison, in April last year, the index recorded a level of 9% on an annualized basis.

Consumer prices rose by 0.7% m/m in May 2022 after recording 2.5% in April 2022, indicating some slowdown in inflation.

Analysts polled by the DailyFX portal expected annual inflation to rise to 9.1%, while consumer prices were expected to rise by 0.6% on a monthly basis.

Source: RIA Novosti

Related Stories

Leave a Reply