Annual inflation in the UK reached 9.4 percent, the highest level since February 1982.
Inflation in the UK renewed its 40-year peak in June, adding pressure for the Bank of England to raise interest rates next month. According to the National Statistics Office data, consumer prices in the UK increased by 9.4 percent compared to the previous year. This increase marked the fastest rise since February 1982.
The increase, which was 9.1 percent in May, accelerated during June due to the 9.3 percent increase in fuel prices. It is predicted that the rise in prices will increase the problems of the households, and the situation may worsen with the inflation reaching 11 percent with a new energy crisis to be experienced in October.
Bank of England officials say rising wages and raw material costs are pushing companies into further price hikes. In his annual speech, Bank of England Governor Andrew Bailey raised the possibility of a half-point rate hike in August to push inflation to the 2 percent target.
