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UK inflation reaches new 40-year high of 9.4% - Perthshire Chamber of Commerce

UK inflation reaches new 40-year high of 9.4%

Prices are continuing to rise at their fastest rate for more than 40 years, driven by higher petrol and food costs.

UK inflation, the rate at which prices rise, jumped to 9.4% in the 12 months to June from 9.1% in May, the Office for National Statistics (ONS) said.

Petrol prices rose by 18.1p per litre in June, while costs for milk, cheese and eggs also climbed, the ONS said.

Unions have been calling for pay rises to help workers cope as the rising cost of living eats into household budgets.

Fuel prices have soared in recent months, driven by the war in Ukraine and moves by the European Union to reduce its dependence on Russian oil.

Average petrol prices stood at 184p per litre in June, the ONS said, the highest since records began in 1990 and up from 129.7p a year earlier. The monthly rise was also the largest on record.

The average price of diesel in June was 192.4p per litre, again a record high, the ONS said.

It led to the said average family car costing more than £100 to fill up, according to the RAC. However, the AA said this week that lower wholesale costs of fuel were leading to cheaper prices at the pumps, though they still remain much higher than last year.

Elsewhere, food prices have been climbing, with costs increasing at the fastest rate since March 2009.

Milk, cheese and eggs saw the biggest rises in June, latest figures show, with the prices of vegetables, meat and ready meals also up.


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