UK citizens continue to bear the impact of the high cost of living as inflation recorded in May continues to be at a 40 -year high.
Most recently, the Office for National Statistics (ONS) reported the UK consumer price index (CPI) met market expectations by rising to 9.1% from 9.0% recorded in the previous month.
However, on a monthly basis consumer prices were reported to have increased only 0.7%, less than the 2.5% recorded in April.
Core inflation (excluding food and petrol prices) also declined to 5.9% in May from 6.2% previously.
Among the main contributors to this increase was the price of food and non -alcoholic goods which soared to 8.7% in May, the biggest jump since March 2009.
The Bank of England (BOE) said last week that inflation may remain above 9% in the next few months before peaking slightly above 11% in October when controlled household energy bills are expected to rise again.
The initial reaction of the pound sterling following this data saw the currency depreciate around 0.8% against the US dollar.
