The acceleration in prices in June was fueled by fuels and food, said the National Statistics Office (ONS) in its monthly report published on Wednesday.

In May, inflation reached 9.1% over one year.

"Countries around the world are dealing with rising prices and I know how difficult it is for people here in the UK, so we are working alongside the Bank of England to bring it down," the Minister commented. of Economy and Finance, Nadhim Zahawi.

The Bank of England (BoE) estimates that inflation could rise to more than 11% by the end of the year, boosted by the Russian invasion of Ukraine, the surge in gas prices that it has driven, and a very tight job market.

To try to stem the surge in prices more vigorously, BoE Governor Andrew Bailey warned on Tuesday that the monetary institute could accelerate the pace of its rate hikes by raising them by 50 basis points in August.

"Inflation hit a new multi-decade high in June. The labor market is still tight, price pressures around the world are strong and we expect a further rise in the electricity price cap" in October at UK, commented Anna Leach, an economist at CBI, Britain's largest employers' organisation.

"As a result, inflation is likely to remain high for the rest of the year, chipping away at already very weak household incomes," she added.

- Critics are piling up -

The cost of living crisis is a central theme in the campaign of the Conservative candidates to succeed Boris Johnson in Downing Street.

"We think high inflation means the Bank of England will continue to raise interest rates from the current 1.25% to 3% even if the economy is in recession," said Paul Dales of the Capital Economics firm.

The UK economy is indeed seeing the clouds gathering.

The IMF predicted in April that the UK will experience the worst growth of the G7 countries next year.

The Bank of England predicts a contraction.

As for inflation, it is expected by several forecasting organizations to be the worst of the G7 countries in the coming months.

The facade of the Bank of England in London on August 6, 2020 DANIEL LEAL-OLIVAS AFP / Archives

For comparison, price inflation in the euro zone stood at 8.6% year on year last month, a record, and it reached 9.1% year on year in June in the United States.

Critics are piling up about the central bank's strategy, coming in particular from candidates for the succession of the Prime Minister.

"The regime [of monetary policy], based on the independence of the central bank, is more important than ever. The value of a regime is gauged in bad times, not when everything is going well," insisted Mr. Bailey on Tuesday.

In the meantime, the escalation of prices in the context of a shortage of workers in the United Kingdom is fueling wage demands and strike movements.

On Tuesday, the latest official employment statistics showed a fall at a record pace in real wages, that is to say excluding inflation.

© 2022 AFP