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UK inflation hits three decade high in May, rising to 7.1%
05:45
Europe
UK inflation hits three decade high in May, rising to 7.1%
There's bad news in the UK about inflation. It's up to levels unseen since 1992 coming in at an annual rate of 7.1% in May. That's up from 6.8% in April. But the numbers that matter the most to households are even worse. Consumer prices were up by 8.7% in May, and have held at that rate for months. The UK has been Europe's worst when it comes to battling back post-pandemic inflation pressures. And last summer chaotic decisions during the short tenure of Prime Minister Liz Truss, promising spending without taxation, caused a brief financial crisis. But the Bank of England's interest rates haven't yet brought inflation down.
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