A grim statistic reveals the rate of inflation has soared to 9.1%, its highest level in 40 years. The figure is based on the consumer prices index (CPI) measure of inflation based on how much the price of everyday goods has gone up.
It reveals how far your money goes compared to previous years. For instance, if something cost £10 a year ago, with an inflation rate of now 9%, it would cost £10.90 today, reports the Mirror.
The 9.1% inflation figure for the 12 months to May is almost five times higher than the Bank of England (BoE) target of 2%. The CPI had already hit a 40-year high when it rose to 9% in the 12 months to April.
