Britain's inflation hits fresh 40-year high as fuel, food prices surge

Source From: ENT 2022-07-21 01:36:45

Amid rising prices for motor fuels and food, Britain's Consumer Prices Index (CPI) rose by 9.4 per cent in the 12 months to June, hitting a fresh 40-year high, official statistics showed on Wednesday.

On a monthly basis, the country's CPI rose by 0.8 per cent in June 2022, compared with a rise of 0.5 percent in June 2021, according to the Office for National Statistics (ONS).

The increase in annual inflation was driven by rising fuel and food prices, and these were only slightly offset by falling second-hand car prices, said Grant Fitzner, ONS chief economist.

The annual increase for transport was 15.2 per cent in June 2022, compared with a minus 1.5 percent in June 2020 during the first COVID-19 lockdown. Within transport, the price of motor fuels saw a 42.3 per cent rise on the year, Xinhua news agency reported.