Inflation in the UK reached the highest level in 40 years with 9.1 percent in May.
UK inflation has reached a 40-year high, with wide-ranging price increases from fuel to food, electricity to beverages. According to data from the UK Statistical Institute, annual consumer inflation rose to 9.1 percent in May from 9 percent in April.
The monthly CPI increase, which was recorded as 2.5 percent in April, was 0.7 percent in May. Both inflation data came in line with economists’ expectations. While monthly inflation was lower than in previous months, the figures still reveal the UK’s inflation problem.
Inflation is expected to rise further in the UK with additional energy price increases. According to the Bank of England, the annual CPI increase in October may exceed 11 percent.
