Advisers expressed preparedness and long-term optimism to the news that UK inflation has hit another 40-year high of 9.1% in May, up from 9% in April.
The slight increase in inflation rate came largely from rising food and non-alcoholic beverage prices, as well as continued shifts in energy prices, according to the Office for National Statistics (ONS). Average petrol and diesel prices last month were the highest on record, the ONS said, reaching 165.9p per litre for petrol, compared with 127.2p a year earlier. The 12-month rate for motor fuels was 32.8%, the highest since before the start of the data series in January 1989. The Bank of England (BoE) implemented a fifth consecutive rate hike just last week, bringing interest rates to...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
