Surging petrol and food prices last month pushed British inflation to its highest rate in 40 years, according to official figures that bolstered the chances of a rare half percentage-point Bank of England (BoE) interest rate hike next month.
The Office for National Statistics said annual consumer price inflation rose in June to 9.4%, the highest since February 1982, up from May’s 9.1% and above the 9.3% consensus in a Reuters poll of economists.
The ONS pointed to a 42% year-on-year rise in petrol prices and an almost 10% increase in food prices as the primary drivers of inflation last month. Investors now see an almost 100% chance of the BoE raising Bank Rate to 1.75% from 1.25% next month. It said in June that it was ready to act “forcefully” if needed.
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