


BUSINESS BRIEFING
UK inflation rate reaches new high
LONDON — Britain’s inflation rate hit a new 40-year high of 9.1% in the 12 months to May, figures showed Wednesday, as Russia’s war in Ukraine drove food and fuel prices ever higher.
The Office for National Statistics said consumer price inflation rose from 9% in April, itself the highest level since 1982. The increase was in line with analysts’ expectations and signals no quick end to the cost-of-living squeeze facing millions in Britain. The Bank of England says inflation could hit 11% in October when a cap on domestic energy bills is raised.
Inflation is soaring worldwide. In May, U.S. consumer prices surged 8.6%, the biggest jump since 1981, while the 19 nations that use the euro saw a record 8.1% increase.