Prices rose by 9.4% in June, up from 9.1% in May, the Office for National Statistics has said. The increase is linked to rising fuel and petrol prices.
Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: 鈥淎nnual 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.
鈥淭he cost of both raw materials and goods leaving factories continued to rise, driven by higher metal and food prices respectively. These increases saw raw materials post their highest annual increase on record, with manufactured goods at a 45-year high.鈥
Chancellor Nadhim Zahawi said: 鈥淐ountries around the world are battling higher prices and I know how difficult that is for people right here in the 海角视频, so we are working alongside the Bank of England to bear down on inflation. We鈥檝e introduced 拢37 billion worth of help for households, including at least 拢1,200 for eight million of the most vulnerable families and lifting over two million more of the lowest paid out of paying personal tax.鈥
Shadow chancellor Rachel Reeves said the inflation figures showed there was a need for more than just 鈥渟ticking plasters鈥 to fix the economy.
鈥淭he cost-of-living crisis is leaving families more worried every day, but all we get from the Tories is chaos, distraction and unfunded fantasy economics,鈥 she said. 鈥淩ising inflation may be pushing family finances to the brink, but the low-wage spiral facing so many in Britain isn鈥檛 new.
鈥淚t鈥檚 the result of a decade of Tory mismanagement of our economy meaning living standards and real wages have failed to grow.鈥
Anna Leach, deputy chief economist at the Confederation of British Industry warned inflation was likely to remain high for the rest of the year 鈥渟everely eating into strained household incomes鈥.
She said: 鈥淭his data underscores the need to give people more control over their energy bills: through speeding up planning decisions for electricity infrastructure and creating a national effort to help households better insulate their homes. But to build resilience to price shocks over the longer-term, the Government needs to focus on boosting the economy鈥檚 supply potential.
鈥淚ncentivising investment through a permanent successor to the super deduction and supporting the development of green infrastructure are crucial first steps.鈥
