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Liverpool Echo
Liverpool Echo
World
Ryan Paton

UK inflation hits 40 year high as cost of living crisis deepens

The Office for National Statistics has announced UK inflation has reached a 40 year high.

The UK has been hit by a cost-of-living crisis as people struggle to manage in the face of rising prices of energy, petrol and food. The ONS confirmed the rate of inflation rose again in May to 9.1%.

This is a rise from 9% in April. which is in line with what analysts had expected. Inflation is a figure used to explain how much the prices of everyday essentials have increased - and Bank of England economists expect this may hit 11% by the end of the year.

READ MORE: All you need to know about UK's interest rate hike, and what it means for you

ONS chief economist Grant Fitzner said: "Though still at historically high levels, the annual inflation rate was little changed in May.

"Continued steep food price rises and record high petrol price s were offset by clothing costs rising by less than this time last year, and a drop in often fluctuating computer games prices.

"The price of goods leaving factories rose at their fastest rate in 45 years, driven by widespread food price rises, while the cost of raw materials leapt at their fastest rate on record."

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