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UK inflation rises to 40-year high of 9.4% as cost of living crisis spirals

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Inflation has risen to a new 40-year high, reaching 9.4 per cent last month during the cost of living crisis.

Soaring food and fuel prices were largely behind the increase, according to the Office for National Statistics.

It said Consumer Price Index inflation rose to 9.4 per cent in June from 9.1 per cent in May – which was also the highest level in 40 years at the time.

This record has been broken for months in a row as UK budgets are stretched during the cost of living crisis.

“Annual inflation again rose to stand at its highest rate for over 40 years,” Grant Fitzner, chief economist at the ONS said on Wednesday.

“The increase was driven by rising fuel and food prices, these were only slightly offset by falling second-hand car prices.”

He said the cost of raw materials and goods leaving factories also continued to rise due to higher metal and food prices respectively.

“These increases saw raw materials post their highest annual increase on record, with manufactured goods at a 45-year high,” Mr Fitzner said.

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