Inflation rate hits 40-year high of 9.4%

The rate of inflation rose by 9.4% in the 12 months to June 2022, up from 9.1% in May as price rises were hit by rising fuel and food prices

Within transport, the high 12-month rate in June 2022 was mainly caused by a 42.3% rise in the price of petrol and diesel since last year. Average petrol prices rose by 18.1 pence per litre in June 2022, the largest monthly rise on record. This is the highest rate of inflation since February 1982.

Rising prices for fuel and food made the largest upward contributions to the change in the consumer prices index (CPI) 12-month increase between May and June 2022. The CPI monthly rate was 0.8%, compared with 0.5% in June 2021.

Food and non-alcoholic beverage prices have risen by 9.8% in the year to June 2022, up from 8.7% in May, and the highest rate since March 2009.

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