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If UK inflation feels bad now, the grim news is worse is on the way

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theguardian.com

Are we there yet? Each month the same question is asked about the UK’s inflation rate. Is there any sign of the cost of living crisis abating?

And each month the answer is in the negative. The current upward trend has further to go.May’s increase in the consumer prices index – the government’s preferred measure of inflation – was modest by recent standards but even so the rise from 9% to 9.1% was a new 40-year-high.More worrying was the evidence provided by the producer price index that there are more price rises to come.The PPI is a measure of what is happening at an industry level to the costs paid by companies for their fuel and raw materials, and the costs they are charging to their customers.

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