Fakoyejo OlalekanBritain entered its highest inflationary period in 40 years last month, with rate rising to 9.4%. The country joined other nations in posting historical inflation figures driven by rising crude oil, amongst others.
Household consumables, petrol and diesel were factored in among drivers of inflation rate in June, as Russia and Ukraine war weigh heavily on trade of the commodities, couple with western sanctions on Kremlin.
According to the Office for National Statistics (ONS), the June inflation rate was on the back of the 9.1% recorded the month before, while year-on-year, inflation for the period under review has tripled the 2.5% rate reported in June 2021.
Last month’s inflation rate soared past the projection of 9.3%, as prices of milk, eggs and cheese rose in the month, with secondhand vehicles slowing the growth according to the Office for National Statistics.
“Annual inflation again rose to stand at its highest rate for over 40 years. The increase was driven by rising fuel and food prices; these were only slightly offset by falling secondhand car prices.” The ONS chief economist, Grant Fitzner, said.
He explained that, “The cost of both raw materials and goods leaving factories continued to rise, driven by higher metal and food prices respectively.” Adding that, “These increases saw raw materials post their highest annual increase on record, with manufactured goods at a 45-year high.”
Recall that Nigeria and United States had also posted that June recorded the highest inflation rate in recent years, with the African country reporting 18.6%, its highest level in five years, while US saw its rate rise to 9.1%, which is 41 years high.
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