INFLATION has jumped once more to a high of 9.4% as household budgets are squeezed even tighter amid a cost of living crisis.
It means the consumer price index (CPI) measure of inflation nudged up from 9.1% in May, with latest figures setting a new high for June.
Inflation has gone up once again, squeezing finances to the max
Experts have warned the rate will only keep rising, as the Bank of England said inflation could hit 11% this year.
Inflation is a measure of how the price of goods and services have changed over the past year.
When it goes up, prices on everyday items and essentials and bills also rise – which means budgets are being squeezed.
Soaring food and petrol prices were the main driver behind the latest inflation figures from the Office for National Statistics (ONS).
Food prices jumped 9.8% in the year to June – the highest rate seen since March 2009.
Milk, eggs and cheese saw some of the biggest price hikes, as well as vegetables, meant and ready meals.
While fuel prices rocketed by an eye-watering 42.3% over the same period- the biggest jump recorded since 1989.
According to the ONS, average petrol prices stood at 184.0 pence per litre in June 2022, compared with 129.7 pence per litre a year earlier.
More to follow…
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