CPI Inflation hits 9.1%

22 June 2022

The Office of National Statistics (ONS) release monthly inflation statistics and May’s Consumer Price Index (CPI) continues to rise to 9.1%. While the increasing rate has slowed down, up 0.1% from April’s figure, it is still rising.

Fuel prices are a major contributing factor in the increased inflation, with average petrol and diesel prices being the highest recorded.

The bank of England set the base rate with the aim of keeping inflation to a targeted 2%. The base rate was recently increased to 1.25% on 16 June 2022. There has been a rapid succession of increases to the base rate since 16 December 2021, where it previously sat at 0.10%. The bank of England expects UK inflation to rise to around 11% this year and take 2 years to return to 2%.

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