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ABC News

Business

The Drum / By David Taylor

UK inflation has hit a 40-year high. Here's what that means for Australia

Inflation Australia United States United Kingdom Tony Wood AEMO Grattan Institute US Federal Reserve

With inflation reaching new heights in the UK and US, cost of living pressures don't look like they'll ease anytime soon. (Pexels: Tara Clark)

Another major economy has just recorded a large increase in inflation — a key measure of the cost of living.

The UK Consumer Prices Index (CPI) rose by 9.1 per cent in the 12 months to May 2022, up from 9 per cent in April.

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