UK inflation rose to 9.1%, at a 40-year high

Year-on-year inflation in the UK was 9.1% last May, compared to 9% recorded in April, the largest increase in prices since 1982, it was reported on Wednesday. British Office for National Statistics (ONS).

The agency noted that this is the highest annual rate of inflation recorded in a month in the current historical series, which began in January 1997.

Estimate models prior to that date run by the National Statistics Office (which it did not) suggest that inflation would have been higher only around 1982. The ONS estimates that the range for this year will swing between 11% from January and 6.5. % in December 1982.

On a monthly basis, prices recorded a 0.7% increase in the fifth month of the year, while the increase in the previous month was 0.6%.

Last week, the Bank of England warned that it expects UK inflation to exceed 9% over the next few months, and even rise slightly above 11% in October, when a recovery in energy prices is expected. The tariff limit set by the power regulator, Ofgem.

In this way, the Monetary Policy Committee of the Bank of England decided to raise the reference rate for its operations by 25 basis points, to 1.25%, the highest level since 2009.

See also  Brown Defensive Player Vs the Titans: Who Was Elite, Medium and Replaceable Player at Week 13?

Sacha Woodward

"Wannabe writer. Lifelong problem solver. Gamer. Incurable web guru. Professional music lover."

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top