Business news

UK CPI inflation reaches 9.4%

Jul 20, 2022

The UK consumer price index rate hit a new peak of 9.4% in June, according to the Office for National Statistics.

The data shows that CPI inflation rose from 9.1%, mainly due to petrol prices and food cost increases.

Petrol and diesel prices went up by 42.3%, with the average cost of petrol being 184p per litre in June, compared to 129.7p the year before.

Food and non-alcoholic drinks rose by 9.8% in the year to June, the highest rate since March 2009. Dairy products, meat and other products such as ready meals became more expensive.

Helen Dickinson, chief executive of the British Retail Consortium, said:

"Retailers are expanding their value ranges to offer the widest variety of goods to those most in need, providing discounts to vulnerable groups, and raising staff pay. Until inflation is brought to heel, however, it will be a difficult road ahead for households and businesses in the UK."

Chancellor Nadhim 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."

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