The inflation rate of the United Kingdom has hit a new 40-year high of 9.1 percent in the past twelve months to May 2022 as the war between Russia and Ukraine has driven the food and fuel prices higher ever.
The Office for National Statistics said that, the consumer price inflation has been increased slightly from 9 percent in the month of April 2022 and itself is the highest level since 1982. Grant Fitzner, chief economist said, the continued steep food price increase and the record high prices of petrol had been offset by the clothing costs rising by less than this time in 2021 and a decrease in often fluctuating the prices of computer games.
The increase had been in line with the expectations and signals of the analysts to no rapid end to the cost of the living affecting millions in the United Kingdom and the Bank of England said that, the inflation could possibly hit 11 percent in the month of October 2022 when a cap on the domestic energy bills increased.
Jack Leslie, a senior economist at the Resolution Foundation said that, the inflation is likely going to increase further in the month of June because of the large increase in the petrol prices in the past month.