Inflation has hit a new 40-year high of 9.1% in May, driven by rising food and petrol prices, according to the latest data from the Office for National Statistics.
The consumer price index (CPI) rose 9.1% in May compared to the same period last year, up one percentage point from 9% in April. Inflation is expected to peak at above 11% this autumn.
Food and non-alcoholic beverage prices were the single biggest contributor, with all categories seeing price increases on the year. Staples such as meat, bread and cereals, and oil and fats were the largest contributors to food price inflation between April and May 2022.
94% of adults surveyed reported the price of their food shop had increased, while 40% report spending less on food shopping and over half spending less on non-essential items.
In addition, the ONS’ price tracking analysis for the cheapest available grocery items shows the average lowest price for 24 out of 30 products increased in the year to April 2022.
Furthermore, the average lowest price for 13 common grocery products rose at a faster rate than the consumer price inflation measure for food and non-alcoholic beverages, which was 6.7% in the year to April 2022.
