The fall in the value of the pound since last year’s Brexit vote has contributed to a jump in UK inflation, reaching its highest annual rate for four years.
It rose to 2.9 percent last month, up from 2.7 percent in April. Twelve months ago the Consumer Prices Index increased by just 0.3 percent year on year.
The rise in the cost of living is being explained by the fact that foreign holidays and imported computer games and equipment are more expensive. Prices are rising faster than pay for most Britons who’ve already been suffering a squeeze on their incomes for years.
Inflation has been generally on the rise around the world but in Britain the fall in sterling has added extra pressure and led to a sharp slowdown in growth since the start of the year.
The news comes amid the political uncertainty in the wake of last week’s inconclusive general election.