UK inflation skyrockets to 9.1% hitting a 40 years high
Inflation is being fuelled by food and non-alcoholic drink prices.
UK inflation has increased to 9.1%, its highest rate in 40 years amid record prices for petrol and the soaring cost of food.
The figures from the Office for National Statistics showed an increase in May from 9% in April, as measured by the consumer price index, in a reading that matched the forecasts of City economists. In a fresh high, the headline inflation rate has hit a level not seen since February 1982, piling pressure on households in the cost of living crisis.
Inflation is being fuelled by food and non-alcoholic drink prices, which are rising at the fastest annual rate since 2009, the ONS said, with the most dramatic increases seen in the cost of bread, cereals and meat.
Soaring prices for petrol and diesel also drove up inflation in May, adding to the pressure on motorists and business costs with a 32.8% jump motor fuels over the past year – the biggest annual increase on records dating back to 1989.