UK: Inflation rate hits 40 year high

The UK rate of inflation rose to 9.4% in the 12 months to June 2022 (up from 9.1% in May 2022) as prices continue to rise at their fastest rate in 40 years.

This is largely as a result of the rising costs of fuel and food prices and is likely to lead to an increase in the Bank of England base rate in the next rate review.