"UK inflation hits 9.1% as prices rise at fastest rate for 40 years"

" \n UK inflation hits 9.1% as prices rise at fastest rate for 40 years \n \n\n \n Prices are continuing to rise at their fastest rate for 40 years as food, energy and\u00a0fuel\u00a0costs continue to climb. \n \n\n \n UK inflation, the rate at which prices rise, edged up to 9.1% in the 12 months to May, from 9% in April, the Office for National Statistics (ONS) has said. \n \n\n \n The figure is now at the highest level since March 1982, when it also stood at 9.1%. \n \n\n \n The Bank of England has warned inflation will reach 11% this year. \n \n\n \n Inflation is the pace at which prices are rising. For example, if a bottle of milk costs \u00a31 and that rises by 5p compared with a year earlier, then milk inflation is 5%. \n \n\n \n The ONS said rising prices for food and non-alcoholic beverages helped fuel inflation in May, with the biggest cost increases seen in bread, cereals and meat. \n \n\n \n Russia\u2019s war in Ukraine has severely restricted wheat and maize supplies from two of the world\u2019s biggest exporters. \n \n\n \n Ukraine is also a major producer of of sunflower oil, leading to the costs of alternatives also climbing. \n \n\n \n Market reach firm Kantar has forecast that the average annual grocery bill in the UK is set to rise by \u00a3380 this year. \n \n\n \n Grant Fitzner, chief economist at the ONS, said the prices of goods leaving factories rose at their fastest rate in 45 years in May, driven by \u201cwidespread food price rises\u201d. \n \n\n \n Mr Fitzner added the cost of raw materials \u201cleapt at their fastest rate on record\u201d. \n \n\n \n But he said the steep rises in food and record high petrol prices had been \u201coffset\u201d by the price of clothes rising less than they did this time last year, along with a drop in computer game costs. \n \n\n \n Responding to the latest inflation rate, Chancellor Rishi Sunak said the government was \u201cusing all the tools at our disposal to bring inflation down and combat rising prices\u201d. \n \n\n \n \u201cI know that people are worried about the rising cost of living, which is why we have taken targeted action to help families, getting \u00a31,200 to the eight million most vulnerable households,\u201d he added. \n \n\n \n But Rachel Reeves, Labour\u2019s shadow chancellor said the country needed \u201cmore than sticking plasters to get us back on course \u2013 we need a stronger, and more secure economy\u201d. \n \n\n \n \u201cToday\u2019s rising inflation is another milestone for people watching wages, growth and living standards continue to plummet. \n \n\n \n \u201cThough rapid inflation is pushing family finances to the brink, the low wage spiral faced by many in Britain isn\u2019t new. Over the last decade, Tory mismanagement of our economy has meant living standards and real wages have failed to grow.\u201d \n \n\n \n One way to try to control how fast prices are rising is to raise interest rates. This increases the cost of borrowing and encourages people to borrow and spend less, and save more. \n \n\n \n In a bid to stem the pace of soaring prices, the Bank of England recently increased UK interest rates from 1% to 1.25%. \n \n\n \n The move was the fifth consecutive rise, pushing rates to the highest level in 13 years. \n \n\n \n \u2018More gloom lies ahead\u2019 \n \n\n \n Laura Suter, head of personal finance at AJ Bell, said hopes of inflation \u201cebbing away later this year are dead\u201d and warned the winter \u201ccould be tougher than the last\u201d. \n \n\n \n \u201cUnfortunately, more gloom lies ahead,\u201d she added. \n \n\n \n \u201cOnce again fuel is the factor driving inflation higher, from home energy bills to petrol and diesel prices pushing up transport costs. \n \n\n \n \u201cBut it\u2019s not just energy bills increasing, prices are rising across the board.\u201d \n "

"UK inflation hits 9.1% as prices rise at fastest rate for 40 years"

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