UK inflation reached new heights in June as it climbed to 9.4%, up from 9.1% in May with the rise described by one commentator as a "hammer blow" to households across the country.
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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
