UK inflation rises to 9.4% in June, the fastest in 40 years

Office for National Statistics data released on Wednesday showed that inflation in the United Kingdom set a fresh 40-year high in June as food and energy costs continued to surge.

The annual rate of inflation for the consumer price index jumped to 9.4 percent in June from 9.1 percent in May, slightly above the prediction of economists polled by Reuters.

In a report released on Wednesday, the UK Office for National Statistics stated that its preliminary modeled consumer price inflation projections “suggest that the CPI rate would last have been higher around 1982, where estimates range from nearly 11% in January down to approximately 6.5% in December.”

Compared to the previous month’s 0.7 percent growth, consumer prices rose by 0.8 percent, but fell short of April’s 2.5 percent increase in monthly terms.

According to the ONS, motor fuels and food were the key drivers of inflation, with the former climbing 42.3% on a yearly basis, the greatest pace since before the historical series was formed in 1989.