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UK inflation rate hits 9.1%, highest in 40 yearsExBulletin

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The entrance to Waterloo Underground Station is closed for a strike at London’s Waterloo Train Station on Tuesday 21 June 2022. Matt Dunham/AP .

. Matt Dunham/AP

The entrance to Waterloo Underground Station is closed for a strike at London’s Waterloo Train Station on Tuesday 21 June 2022.

Matt Dunham/AP

LONDON UK inflation in May was 9.1%, the highest in 40 years and slightly up from the previous month.

The National Statistical Office said on Wednesday consumer price inflation rose slightly from 9% in April, the highest level since 1982.

“The continued steep rise in food prices and record high gasoline prices were offset by lower prices for clothing and lower prices for frequently fluctuating computer games than at this time last year,” said senior economist Grant Fitzner.

The increase was in line with analysts’ expectations and signaled that the cost of living pressures facing millions in the UK won’t end anytime soon. The Bank of England said in October that inflation could reach 11% if the domestic energy rate cap is lifted.

Millions of people in the UK, like people across Europe, are seeing rising costs of living, partly due to the Ukrainian war squeezing supplies of essential food and energy such as wheat.

The pressure is forcing workers to demand significant pay increases, and the Conservative government argues that the move could trigger a pay-price vicious circle that could further increase inflation.

Tens of thousands of railroad workers are leaving their jobs for three days this week in the biggest public transport strike in 30 years, which may be a harbinger of summer labor complaints.

Sources

1/ https://Google.com/

2/ https://www.npr.org/2022/06/22/1106659122/uk-inflation-rate-hits-a-new-40-year-high-of-9-1

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