Food expenditures, notably those for bread, cereal, and meat, are increasing at their quickest rate in 40 years.
According to the Office for National Statistics (ONS), the rate of price growth in the UK increased somewhat from 9 percent in April to 9.1 percent over the course of a year ending in May.
The main contributors to inflation are fuel and energy expenses, but according to the ONS, food expenditures have increased inflation even more.
To deal with rising prices, workers and unions are fighting for pay increases.
To avoid a “inflationary spiral” a la the 1970s, where businesses raise wages and subsequently pass the cost onto customers through higher prices, the government has cautioned against employers awarding significant pay raises.
The Bank of England has issued a warning that inflation will hit 11 percent this year as it is currently at its highest level since March 1982, when it also stood at 9.1 percent.
The rate at which prices are rising is known as inflation. For instance, milk inflation is 5 percent if the price of a bottle of milk increases from £1 to £1.50 over the course of a year.
