Fallout of British inflation at 9.4% raises recession fears

Prices are now rising far more quickly than wages.

The acceleration from 9.1% in May was driven by a 9.3% surge in the price of motor fuel over the month.

British inflation hit a new 40-year high in June, intensifying the cost of living crisis and heaping pressure on the Bank of England to deliver an aggressive interest rate increase next month.

Consumer prices rose 9.4% from a year earlier, the biggest increase since February 1982, the UK's Office for National Statistics said. The acceleration from 9.1% in May was driven by a 9.3% surge in the price of motor fuel over the month. Irish inflation reached 9.1% in June, figures published last week showed.