Inflation is up again
Inflation is continuing to rise, hitting 9.4% CPI/11.8% RPI in June, up from 9.1%/11.7% the month before, according to the Office for National Statistics (ONS).
“Annual inflation again rose to stand at its highest rate for over 40 years. The increase was driven by rising fuel and food prices,” ONS chief economist Grant Fitzner explained.
Responding to the latest rise, TUC general secretary Frances O’Grady stated: “We need profit restraint and pay rises that keep up with prices. And the government must play its part with decent pay rises for public servants.”
Rebecca McDonald, chief economist at the Joseph Rowntree Foundation charity, commented: “With inflation wiping out pay increases, the cost of living crisis is only worsening and no time can be lost in preparing the country for profoundly difficult months to come. Watching events in Westminster, you could conclude that the crisis has been paused – if you are struggling to take showers and put food on the table it won’t feel like it.”
https://www.ons.gov.uk/releases/consumerpriceinflationukjune2022