Cost of living crisis: Mounting cost crisis sees inflation soar to fresh 40-year high
The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 9.4% in June, up from 9.1% in May.
This remains the highest level since February 1982 and heaps yet further cost pain on cash-strapped households and businesses.
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Hide AdGrant Fitzner, chief economist at the ONS, said: “Annual inflation again rose to stand at its highest rate for over 40 years.
![UK inflation has surged to a fresh 40-year high as fuel and energy prices rocketed amid the cost-of-living squeeze, according to official figures.](https://www.scotsman.com/webimg/b25lY21zOmQ2M2U5YjQyLTMwNjYtNDY0YS05ZjEyLTc2ZTE3MWE1N2FmNDo1MDMxNzVlZC0yNjNmLTQxMmMtOGIwOC0yOTM0ZWY3ZTczN2U=.jpg?crop=3:2,smart&width=640&quality=65)
![UK inflation has surged to a fresh 40-year high as fuel and energy prices rocketed amid the cost-of-living squeeze, according to official figures.](/img/placeholder.png)
“The increase was driven by rising fuel and food prices, these were only slightly offset by falling second-hand car prices.”
Newly appointed Chancellor Nadhim Zahawi and Bank of England governor Andrew Bailey have both pledged to get inflation under control.
Mr Zahawi said: “Countries around the world are battling higher prices and I know how difficult that is for people right here in the UK, so we are working alongside the Bank of England to bear down on inflation.”