UK inflation reaches 9.4% in June

The Consumer Prices Index has now reached its highest level since February 1982, according to data released by the Office for National Statistics. Meanwhile, the Retail Price Index, which is an older method of measuring inflation, reached 11.8% in June. Rising fuel and food costs were the largest contributor to the jump in prices, with motor fuel costs increasing 42.3% in the last year. Average petrol prices stood at 184p per litre, compared to less than 130p per litre in June 2021, with 18p of that increase coming just in the last month. The ONS also warned that prices typicall...