UK Inflation Hits New 40-Year High of 9.1% in May

INFLATION - LONDON. Soaring food prices pushed British consumer price inflation to a new 40-year high last month of 9.1%, official data showed on Wednesday.

The reading matched the consensus of a Reuters poll of economists.

"Rising prices for food and non-alcoholic beverages, compared with falls a year ago, resulted in the largest upward contribution," the Office for National Statistics said.

Consumer prices rose by 0.7% in monthly terms in May, the ONS said.

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The British government is doing all it can to combat a surge in prices, finance minister Rishi Sunak said on Wednesday, as data showed UK inflation hit 9.1% in May.

"We are using all the tools at our disposal to bring inflation down and combat rising prices," Sunak said.

"We can build a stronger economy through independent monetary policy, responsible fiscal policy which doesn't add to inflationary pressures, and by boosting our long-term productivity and growth."