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MNI BRIEF: UK Inflation At 40-Yr High, But Within Expectations

(MNI) London
(MNI) London

UK inflation hits a fresh 40-year high in May as petrol, food prices rise again.

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UK CPI inflation edged higher in May, rising to 9.1% -- the highest level since 1982, according to the Office for National Statistics. The increase will not be a surprise to financial markets, as it is in line with analysts expectations -- although the monthly 0.7% increase was just above forecasts.

"Although at historically high levels, the annual inflation rate was little changed in May," ONS Chief Economist Grant Fitzner said, pointing to continued steep food price rises and the record high cost of petrol.

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UK CPI inflation edged higher in May, rising to 9.1% -- the highest level since 1982, according to the Office for National Statistics. The increase will not be a surprise to financial markets, as it is in line with analysts expectations -- although the monthly 0.7% increase was just above forecasts.

"Although at historically high levels, the annual inflation rate was little changed in May," ONS Chief Economist Grant Fitzner said, pointing to continued steep food price rises and the record high cost of petrol.

Keep reading...Show less