Annual Inflation in UK in June Jumps to Highest Level in 40 Years

06:59 GMT, 20 July 2022

MOSCOW (Sputnik) - The annual inflation in the UK accelerated in June to 9.4% from 9.1% in May, marking a record high since 1982, the Office for National Statistics (ONS) announced on Wednesday.

Sputnik

"The Consumer Prices Index (CPI) rose by 9.4% in the 12 months to June 2022, up from 9.1% in May," the ONS said in a statement.

The consumer price index, in turn, rose by 0.8% last month compared to 0.7% in May.

UK Treasury Rejects Proposals to Cut VAT to Ease Skyrocketing Prices and Inflation, Reports Say

1 July 2022, 11:04 GMT

Last month, the Bank of England predicted that inflation will hit 11% in autumn. In its forecast, the Bank said that "the increase in October reflects higher projected household energy prices following a prospective additional large increase in the Ofgem price cap." The Bank blamed the surging inflation on rising global energy as well as domestic factors, including “the tight labour market and the pricing strategies of firms”.