Inflation reaches fresh 40-year high of 9.1%

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The Office for National Statistics said inflation remained at a 40-year high in May.

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Statisticians said consumer price index (CPI) inflation rose to 9.1 per cent in May from 9 per cent in April.

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This growth is in line with analysts’ expectations.

“Although still at historically high levels, there was little change in the annual inflation rate in May,” said Grant Fitzner, ONS chief economist.

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“Continuous increases in food prices and record high petrol prices over the past year were offset by this time-low rise in clothing prices and a drop in frequently fluctuating computer game prices.

“The price of goods leaving the factory grew at the fastest rate in 45 years, driven by broader food price increases, while raw material costs rose at the fastest rate on record.”

Credit: www.standard.co.uk /

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