Industry News - 22nd June 2022
Inflation in the UK has hit its highest level in 40 years amid the deteriorating cost-of-living crisis, according to the latest figures from the Office for National Statistics (ONS).
The rate increased to 9.1% in May – its highest level since comparable readings in 1982, and up from 9% in April.
The ONS said rising costs for food and non alcoholic drinks contributed to the inflation increase in May, with fuel and energy costs also continuing to climb rapidly.
The Bank of England expects UK inflation to reach 11% this year.
Bank of England website