UK consumer prices grew at the sharpest pace in four decades in June and factory gate inflation hit the highest since 1977, raising prospects of a 50 basis point rate hike by the Bank of England at its August meeting.
Consumer price inflation accelerated more-than-expected to 9.4 percent in June on rising motor fuel and food prices, the Office for National Statistics said Wednesday. Inflation was forecast to rise to 9.3 percent from 9.1 percent in May. Inflation was the highest since early 1982. The BoE forecast inflation to peak slightly above 11.0 percent in October.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.