BUSINESS: UK inflation hits highest rate since 2018; House prices rise 10% in a year; John Lewis Partnership plans to cut 1,000 more jobs
- Britain’s inflation rates are up 2.5% year over year, ONSS says
- Inflation level higher than expected and above the government’s 2% target
Britain’s inflation rate rose again in June, beating economists’ predictions and missing the government’s 2 percent target.
The consumer price index for the inflation rate rose 2.5 percent in the 12 months to June 2021, mainly due to increased transport costs, the office for national statistics said.
Inflation is now the highest since August 2018.
The cost of food, clothing, fuel, used cars, food and drink has all increased this year amid the easing of lockdown restrictions.
Earlier this week, it emerged that US inflation hit a 13-year high last month, driven by a surge in the cost of used cars.
In the US, consumer prices rose 5.4 percent in the year to the end of June compared with 5 percent in the previous month, marking the strongest increase since August 2008.