LONDON (AP) – Britain’s inflation rate hit a new 40-year high of 9.1% in 12 months in May, data showed on Wednesday, as Russia’s war in Ukraine pushed food and fuel prices higher than ever. Extended.
The Office for National Statistics said consumer price inflation rose slightly to 9% in April, the highest level since 1982.
Chief Economist Grant Fitzner said, “Continuous increases in food prices and record high petrol (gasoline) prices from this time on last year led to a drop in clothing prices and often fluctuating computer game prices.” offset by.”
The increase was in line with analysts’ expectations and indicates no quick end to the cost of living for millions in the UK. The Bank of England says inflation could reach 11% in October if household energy bill limits are raised.
Jack Leslie, senior economist at economic inequality think-tank The Resolution Foundation, said inflation could rise further in June due to a “large increase in petrol prices last month”.
“With the economic outlook so unclear, no one knows how high inflation may go, and how long it will continue – making fiscal and monetary policy decisions particularly difficult,” he said.
Inflation is on the rise around the world: the US reported 8.6% in May and 19 countries that use the euro reported 8.1% inflation in the same month.
Millions of people in Britain, like all of Europe, are seeing their cost of living skyrocket, fueled by Russia’s war in Ukraine, which is squeezing energy supplies and food staples such as wheat.
The pressure is pushing British workers to seek substantial wage increases, a move the Conservative government argues could exacerbate the wage-price spiral, driving inflation even higher.
Tens of thousands of rail workers are going out of work for three days this week in the country’s biggest transit strike in three decades, a possible harbinger of a heat of labor discontent.
The Associated Press