Inflation accelerated slightly in May to a 40-year high in the U.K. amid rising energy and food costs, a trend that has little prospect of easing in the coming months.
Data released by the Office for National Statistics on Wednesday showed that the consumer price index (CPI) rose 9.1% in May, the fastest pace since June 1982, up from a 9% year-on-year increase in April. CPI measures what consumers pay for goods and services.
Economists polled by The Wall Street Journal had expected year-over-year inflation of 9.2%.
Inflationary pressures remain largely related to rising food and energy prices. The ONS said: “Food prices continued to rise sharply and petrol prices were at record levels, but the impact was partly offset by lower-than-a-year increases in clothing costs and the often volatile prices of computer games. decline.”
…