UK Annual Inflation Reaches 9.1%, Marking Highest Point Since 1982
06:14 GMT 22.06.2022 (Updated: 15:19 GMT 28.05.2023)
The economic situation in Britain has been shaky over the past few months, with food and fuel prices skyrocketing after London introduced sanctions against Russia, citing its special military operation in Ukraine.
Annual inflation in the United Kingdom has accelerated to 9.1 percent in May, the Office for National Statistics (ONS) reported on Wednesday.
"The Consumer Prices Index (CPI) rose by 9.1% in the 12 months to May 2022, up from 9.0% in April," the statistics office said in a statement.
Food and fuel prices, which have been rising at the fastest annual rate since 2009, are fueling the inflation and putting considerable pressure on households and drivers in the UK, according to the Guardian.
"I know that people are worried about the rising cost of living, which is why we have taken targeted action to help families, getting £1,200 [$1469] to the 8 million most vulnerable households", Chancellor Rishi Sunak was quoted as saying by the newspaper.
This is the highest on record since 1982, when a significant rise in oil prices
caused a major wave of inflation around the world, sending the British economy into a recession. Sunak also announced a new 15 billion pounds package of targeted government support.
The UK is not the only country suffering from rising inflation now: high rates in the US have also recorded their highest numbers since the 1980s, reaching 8.6 percent last month. The US, Europe and their allies are suffering from high energy prices, which they partly triggered by introducing sanctions against Russia.
As a result, earlier this month, Crude Oil Brent was trading at over $120 per barrel, its highest price since 2014.