Economic Buzz: UK Inflation At 9.4%

20 Jul 2022 , 02:40 PM

UK consumer prices grew at the sharpest pace in four decades in June and factory gate inflation hit the highest since 1977. 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. On a monthly basis, consumer prices gained 0.8 percent, following a 0.7 percent rise in the previous month, ONS data showed. Core inflation, which strips out volatile energy, food, alcoholic beverages and tobacco prices, eased slightly to 5.8 percent from 5.9 percent. Factory gate inflation came in at 16.5 percent in June, faster than the 15.8 percent increase in May. However, monthly output price inflation slowed to 1.4 percent in June from 1.6 percent in May. Powered by Commodity Insights