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According to the Bank of England, inflation is expected to remain above nine percent in the coming months, before peaking above 11 percent in October, when regulated household energy bills will rise.
The Office for National Statistics (ONS) of the United Kingdom recorded on Wednesday a 9.1 percent increase in the consumer price index during May, the highest in the last 12 months.
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In this regard, the agency said that the costs of food and non-alcoholic products increased by 8.7 percent in annual terms in May, the highest figure since March 2009, being also the trigger for year-on-year inflation last month.
It further added that the largest upward contributions to the annual inflation rate of the consumer price index came from housing and household services with 2.79 percent, distributed mainly in electricity, gas and other fuels.
According to the ONS, the UK's consumer prices index grew by 9.10% y-o-y in May 2022, up from 9% in the previous month and in line with economists' estimates. https://t.co/8mJxQCEcol#Forex News #Market News
— TradersAsset (@TradersAsset) June 23, 2022
"The significant rise in food prices and record gasoline prices were nonetheless held back somewhat in May by a smaller increase in clothing prices and a reduction in computer game prices," said ONS chief economist Grant Fitzner.
Latest player to weigh in on #Inflation debate comes from @jacobin in #UK arguing that profiteering not wages is origin of #Inflation. I think rising rates may be increasingly used to bash the #BasicIncome movement, so staying informed on this is importanthttps://t.co/eqn4npOIlM pic.twitter.com/PRipE1HZER
— Basic Income Earth (@BasicIncomeOrg) June 21, 2022
Also contributing to the low inflation that offset the change in rates were recreation and culture, with 0.10 percent, and clothing and footwear, with 0.08 percent.
According to the Bank of England, inflation is expected to remain above nine percent in the coming months, before peaking above 11 percent in October, when regulated household energy bills will rise.
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