Economic Buzz: UK Consumer Price Inflation Hits Four Decade High

20 Jul 2022 , 02:16 PM

UK consumer prices jumped at the sharpest pace in four decades in June and factory gate inflation hit the highest since 1977, raising prospects of a 50 basis point rate hike by the Bank of England at its August meeting. Consumer price inflation accelerated more-than-expected to 9.4 percent in June on rising motor fuel and food prices, the Office for National Statistics said Wednesday. The BoE forecast inflation to peak slightly above 11.0 percent in October. Powered by Commodity Insights