UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens

[mahatmakanejeeves]

Source: CNBC

EUROPE ECONOMY

UK inflation hits new 40-year high of 9.4% as cost-of-living crisis deepens

PUBLISHED WED, JUL 20 2022 2:04 AM EDT UPDATED WED, JUL 20 2022 2:26 AM EDT
Elliot Smith
@ELLIOTSMITHCNBC
https://twitter.com/ELLIOTSMITHCNBC

KEY POINTS
-- The consumer price index rose 9.3% annually, in line with a consensus forecast among economists polled by Reuters and up slightly from 9.1% in May.
-- Bank of England Governor Andrew Bailey suggested on Tuesday that policymakers could consider a 50 basis point hike at its August policy meeting in order to reel in inflation.

LONDON — U.K. inflation hit yet another new 40-year high in June as food and energy prices continued to soar, escalating the country’s historic cost-of-living crisis.

The consumer price index rose 9.4% annually, according to estimates out Wednesday, slightly above a consensus forecast among economists polled by Reuters and up from 9.1% in May. (1)

This represented a 0.8% monthly incline in consumer prices, exceeding the the previous month’s 0.7% rise but remaining short of the 2.5% monthly increase in April.

The U.K.’s Office for National Statistics said in Wednesday’s report that its indicative modelled consumer price inflation estimates “suggest that the CPI rate would last have been higher around 1982, where estimates range from nearly 11% in January down to approximately 6.5% in December.”

{snip}

(1) https://www.cnbc.com/2022/06/22/uk-inflation-hits-new-40-year-high-of-9point1percent-as-food-and-energy-price-surge-persists.html

Read more: https://www.cnbc.com/2022/07/20/uk-inflation-hits-new-40-year-high-of-9point4percent-as-cost-of-living-crisis-deepens.html

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Hat tip, Tishla, from https://www.democraticunderground.com/10142945096#post3

And 9.4% in the UK

https://www.cnbc.com/2022/07/20/uk-inflation-hits-new-40-year-high-of-9point4percent-as-cost-of-living-crisis-deepens.html

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This is important news in the US due to our close ties. Not Kardashian important, but important anyway.