New 40-year high for inflation in the UK rose to 9.1%

Inflation in the UK rose to a new 40-year high, climbing to 9.1% in May from 9% in April.

This is the highest price since March 1982.

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The new marginal increase is attributed to the increase in the ceiling of charges for energy consumption by British households, which has been in force since the beginning of April, the increased prices of food and motor fuels.

According to the Office for National Statistics (ONS), which announced the new data, the average price of gasoline and diesel in May was the highest in the history of the United Kingdom, at 165.9 pence per liter for unleaded and 179.7 pennies per liter for diesel.

This is an increase in the sub-inflation rate for diesel fuel of 32.8% compared to 12 before, ie the largest annual increase since January 1989. Respectively, the sub-12-month inflation rate for electricity reached 53 in April , 5% and for natural gas 95.5%.

Finance Minister Risi Sunak said he was aware of citizens’ concerns about rising living costs and that the government had therefore offered financial relief measures to all households, up to 1. 1,200 for the most vulnerable.

“We are using every means at our disposal to lower inflation and combat price increases. “We can build a stronger economy through an independent monetary policy, a responsible fiscal policy that does not exacerbate inflationary pressures and stimulate long-term productivity and growth,” he added.

Economists expect the inflation rate to fluctuate between 9% and 10% in the coming months before jumping again in October, when the ceiling on typical energy consumption in British households will rise again. The Bank of England’s latest forecast states that inflation will reach 11%.

Source: KYPE

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