The Speaker
Wednesday, 29 May 2024 – 21:18

Inflation rises again to 9.1%

Inflation is continuing to rise – hitting 9.1% – to the highest level in 40 years.

The figure is now at the highest level since March 1982, when it also stood at 9.1%.

Having raised interest rates to 1.25% in recent days, the Bank of England has warned inflation will reach 11% this year.

The Office for National Statistics has said that rising prices the most recent rise was driven by food and non-alcoholic beverages, as well as continually rising fuel prices.

The new rises mean the United Kingdom is firmly ahead of other G7 nations, with the highest inflation across the group.

This means that goods cost an average of 9.1% more than they did in May 2021.

It is predicted that the United Kingdom will soon dip into recession, with the economy expected to contract as consumers adjust to higher prices.

Inflation is contributing to rising unease amongst workers, with strikes across other sectors expected to follow the Railway Workers strike that began this week.

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