The UK’s inflation rate hit another 40-year high in May, reaching 9.1 per cent, its highest level since 1982.
Fuelled by higher food prices last month, the rise was in line with economists’ expectations that suggest inflation will march higher in the coming months to move into double digits by the autumn.
The Bank of England expects the inflation rate to exceed 11 per cent in October, significantly higher than other similar countries in the G7.
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