June rate is the highest in 40 years; energy and food prices influence the monthly result
Annual inflation in the United Kingdom reached 9.4% in June, according to data released this Wednesday (20.Jul.2022) by the ONS (Office of National Statistics). The CPI (Consumer Price Index) for June is the highest in 40 years.
In May, the rate was 9.1%. The June high was driven by rising fuel, energy and food prices. Here’s the intact of the report, in English (2 MB).
The ONS stated that the cost of fuels increased by more than 42% in the year to June –“the highest rate since before the beginning of the historical series started in January 1989”, according to the agency. The office said that the rise in the price of gasoline and diesel caused transport to rise, further contributing to inflation.
Food and non-alcoholic beverage prices rose 9.8% in the year to June, the highest rate since March 2009.
“Countries around the world are struggling with higher prices and I know how difficult this is for people here in the UK so we are working alongside the Bank of England to reduce inflation”, said British Finance Minister Nadhim Zahawi.
According to him, the Bank of England predicts that inflation in the United Kingdom should reach 11% this year.
EUROPE
Data released by Eurostatthe statistics agency of the HUH (European Union), on Tuesday (July 19) show that the bloc’s annual inflation was 9.6% in June 2022. The rate in the Euro Zone was 8.6%.
As in the United Kingdom, fuel, energy and food are the sectors that most contribute to the rise in the bloc.
Inflation in the Eurozone has been increasing since before the start of the war in ukraineon February 24, but the Russian invasion accelerated the growth.
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