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UK inflation reaches 40-year high
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Inflation in the United Kingdom has reached 9.1 per cent for the month of May, reaching a 40-year high.
Officials from the British Office for National Statistics claim the uptick in the cost of living is partly due to the compounding effects from the COVID-19 pandemic – as well as increased pressure from the energy crisis caused by the Russia Ukraine war.
The bank of England has released forecasts projecting inflation in the UK to reach highs of almost 11 per cent by the end of the next quarter.
Officials from the British Office for National Statistics claim the uptick in the cost of living is partly due to the compounding effects from the COVID-19 pandemic – as well as increased pressure from the energy crisis caused by the Russia Ukraine war.
The bank of England has released forecasts projecting inflation in the UK to reach highs of almost 11 per cent by the end of the next quarter.
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