UK inflation hits 9.4% in June
United Kingdom inflation went above analyst expectations to reach 9.4% in June, marking a 0.3 percentage point climb from the May figure. The country's core inflation stood at 5.8%, inching down 0.1 percentage points from the May result, the Office for National Statistics (ONS) reported on Wednesday.
Furthermore, the UK's producer input prices rose by 24.0% in12 the months to June 2022, up from 22.4% in May. Producer output prices increased 16.5% in June, a 0.7 percentage point climb from the 15.8% for the previous month.
"Annual inflation again rose to stand at its highest rate for over 40 years. The increase was driven by rising fuel and food prices, these were only slightly offset by falling second-hand car prices," ONS Chief Economist Grant Fitzner commented on the report.