Inflation at new 40 year high of 9.1%

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NFLATION is at its highest level since March 1982, rising to 9.1% in May, official figures showed today.

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This puts new pressure on the Bank of England to raise interest rates and on employers to provide new wage deals for workers.

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The Office for National Statistics said the cost of food, energy and petrol are still rising.

Inflation rose from 9% per annum in April to 9.1% in May.

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Economists say it will drop to 10% or maybe 11% before falling.

The Chancellor of the Exchequer, Rishi Sunak, said:

“I know people are concerned about the rising cost of living, which is why we have taken targeted action to help families, with the eight million most vulnerable families getting £1,200.” and using all the tools at our disposal to counter rising prices – we can build a stronger economy through independent monetary policy, responsible fiscal policy that does not add to inflationary pressures, and our long-term further increase by increasing productivity.”

Rachel Reeves MP, Labor’s Shadow Chancellor of the Exchequer, said:

“Today’s rising inflation is another milestone for those who continue to decline wages, growth and living standards.

“While rapid inflation is pushing family finances to the brink, the low wage spiral faced by many in the UK is not new.

“Over the past decade, Tory mismanagement of our economy has meant that living standards and real wages have failed to rise.

“We need more than plaster to get us back on track – we need a stronger, more secure economy.

“With Labor’s climate investment pledge, and our plans to buy, make and sell more in the UK, we will create the high wage, high growth, low and stable inflation economy we deserve.”

Credit: www.standard.co.uk /

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