UK Inflation Rises to 40-Year High of 9.4% in June

According to a report by the British Department of Statistics, the inflation rate in UK reached 9.4% in June 2022, which is the highest in 40 years.

According to reports, UK inflation rate was recorded at 9.1% during May 2022 which was the highest since March 1982.

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According to the Bank of England, the rate of inflation in the UK has been increasing for the past 9 months and is expected to reach 11% by the autumn season.

Economists expect the Bank of England to raise interest rates by 0.25 or 0.5 percent in August 2022, given recent inflation rates.

It should be noted that in June, the Bank of England raised the interest rate in UK from one percent to 1.25 percent, which is the highest level in the last 13 years.