The annual inflation rate in the UK was last May. At 9.1% compared to 9% recorded in Aprilwhat does it represent Biggest price increase since 1982As reported Wednesday by the UK’s Office for National Statistics (ONS).
The agency stated that this was the highest annual inflation rate recorded in a month in the current historical series that began in January 1997.
Forecast models prior to this date, managed by the ONS (non-recording) suggest: inflation could only register a higher level around 1982. ONS estimates show: December for that year will vary between 11% and 6.5% in January. December 1982.
On a monthly basis, prices had increased by 0.7% in the fifth month of the year and by 0.6% in the previous month.
Last week, the Bank of England warned that it expects UK inflation to exceed 9% over the next few months, and even a little over 11% increase in OctoberWhen a recovery in energy prices is expected due to the expectation of an additional increase in the rate limit set by energy regulator Ofgem.
As such, the Bank of England Monetary Policy Committee decided to raise the benchmark interest rate for its operations by 25 basis points to 1.25%, its highest level since 2009.