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Sunday, February 5, 2023

UK inflation climbed to 9.4% in June, a 40-year high



Annual inflation in the UK was 9.4% last June, compared with 9.1% in May, marking the biggest rise in prices since 1982, according to the UK Office for National Statistics (ONS , for its acronym in English).

The agency has stated that this is the highest annual inflation rate recorded in any month in the current historical series, which began in January 1997.

The estimation models prior to this date processed by the ONS (which do not keep records) suggest that inflation would only have recorded higher levels in 1982. The ONS estimate shows that the range for this year would fluctuate between 11% from January to 6.5%. in December 1982.

For its part, the core CPI, which excludes volatility in energy, food, alcohol and tobacco prices, rose 5.8% in the 12 months to June, compared to 5.9% in May.

On a monthly basis, prices recorded a 0.8% increase in the sixth month of the year, compared to a 0.5% increase in the previous month.

The Bank of England has warned it expects UK inflation to rise further in the coming months, even rising slightly above 11% in October as energy prices are expected to rise again on prospects of further hikes in the energy-set tariff cap become regulator, Ofgem.

Annual inflation in the euro-zone hit a record 8.6% in June, up from 8.1% in May, while inflation in the European Union (EU) as a whole accelerated to 9.6% from 8.8% in the previous month.

On the other hand, the annual inflation rate in the United States was 9.1%, half a percentage point higher than the May inflation rate and the highest level since November 1981.


Source europapress.es

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