Inflation in the UK: New 40-year high at 9.1%

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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.

London, Thanasis Gavos

In new 40 year high inflation price in the UKclimbing to 9.1% for the month of May, from 9% in April.

This is the highest price since March 1982.

The new marginal rise is attributed to increase the ceiling on energy consumption charges from British households in force since early 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, with 165.9 pence per liter for unleaded and 179.7 pence 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%.

The Minister of Finance Risi Sunak stated that it is aware of citizens’ concerns about rising cost of living and that for this reason the government has offered financial relief measures to all households, of the order of up to 200 1,200 for the most vulnerable.

«We use 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“, Added the Minister of Finance.

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

Source: skai.gr

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