P. M. BRIEFING : British Inflation Rises to 9.8%
Britain’s inflation rate, among the highest in the industrialized world, climbed again in June, hitting an eight-year high of 9.8%, the government said today.
The increase in the retail price index from 9.7% in May was slightly below economists’ forecasts of a 10% rise.
Chancellor of the Exchequer John Major said last week inflation was taking longer than expected to bring down.
But the underlying rate of inflation excluding home loans and poll tax--a new levy to fund local government--fell from 7% in May to 6.9%, the Central Statistical Office said.
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