U.K. Inflation Hits Fresh 40-Year High in May
2022.06.22 09:56
By Scott Kanowsky
Investing.com — Inflation in Britain rose to a new 40-year high of 9.1% in May, according to the Office for National Statistics, fuelled by a jump in costs for food and energy.
The increase in the U.K.’s Consumer Price Index was in line with estimates, and adds pressure on the Bank of England as it looks to stem a cost of living crisis in the country.
On a month-to-month basis, prices moved higher by 0.7%.
The ONS said the largest contributor to inflation in May came from soaring costs for foods, particularly bread, cereal, and meat. Rising prices for electricity, gas, and other fuels also put upward pressure on inflation.
Concerns have mounted recently that Britain may be facing these higher prices throughout the rest of the year, with the BoE predicting last week that inflation could reach as high as 11% in October.
