Inflation rises again to new 40-year high

The rate of inflation has soared in recent months, putting pressure on households.

22 June 2022

The rate of inflation rose again in May, remaining at 40-year highs, the Office for National Statistics has said.

The rate of consumer prices index (CPI) inflation rose from 9% in April to 9.1% in May, the statisticians said.

The increase matches what analysts had expected.

“Though still at historically high levels, the annual inflation rate was little changed in May,” said ONS chief economist Grant Fitzner.

“Continued steep food price rises and record high petrol prices were offset by clothing costs rising by less than this time last year, and a drop in often fluctuating computer games prices.

“The price of goods leaving factories rose at their fastest rate in 45 years, driven by widespread food price rises, while the cost of raw materials leapt at their fastest rate on record.”

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