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UK Inflation Hits 9.1% (YoY) in May 2022

Viva Budy Kusnandar 08/07/2022 10:10 WIB

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UK inflation reached 9.1% (year-on-year) in May 2022.

UK Consumer Price Index (CPI) (May 2021 - May 2022)

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UK Consumer Price Index (CPI) (May 2021 - May 2022)

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The UK Consumer Price Index (CPI) stood at 120.8 in May 2022. This means the country experienced inflation of 0.67% compared to the previous month (month-to-month/m-to-m).

Compared to May 2021, UK inflation reached 9.1% (year-on-year/yoy). Similarly, compared to December 2021, inflation was 4.95% (year-to-date/ytd).

Food and energy commodity prices have fueled inflation in the country led by Prime Minister Boris Johnson since last year. Furthermore, the Russian invasion of Ukraine has triggered high inflation in the United Kingdom.

With high inflation, the Bank of England (the UK central bank) has implemented a policy of raising its benchmark interest rate five consecutive times since December 2021, to a level of 1.25%.

Amidst a deteriorating economy and increasing public pressure, Boris Johnson has announced his resignation as Prime Minister of the United Kingdom, a position he held since July 2019.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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UK Inflation Hits 9.1% (YoY) in May 2022

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UK Inflation Hits 9.1% (YoY) in May 2022

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