UK inflation rate hits new 40-year high of 9.1%

LONDON (AP) — Britain’s inflation rate hit 9.1% in May, a new 40-year high and up slightly from the previous month. The Office for National Statistics said Wednesday that consumer price inflation rose slightly from 9% in April, itself the highest level since 1982. Chief economist Grant Fitzner said “continued steep food price rises and record high petrol prices were offset by clothing costs rising by less than this time last year.” The increase was in line with analysts’ expectations and signals no quick end to the cost-of-living squeeze facing millions in Britain. The Bank of England says inflation could hit 11% in October when a cap on domestic energy bills is lifted.