Consumer Price Inflation (CPI) hit its highest levels since 1982 in April this year when it reached 9.0%. It rose to 9.1% in May, and hit 9.4% in June, according to the latest release by the Office of National Statistics.
What that means, essentially, is that the prices of products and services in June 2022 cost 9.4% more than they did in June 2021. The CPI is calculated by looking at the prices of a variety of items and services and seeing how their prices change over time.
Those items can be thought of as a large shopping basket of around 700 items. In June this year, those 700 items cost 9.4% more than they did in June 2021.
