UK inflation hits 40-year high as food prices jump Figures released from the Office for National Statistics on Wednesday show inflation reached a 40-year high of 9.1% last month, driven by rising food and fuel prices. The price growth in May, up from 9% in April, was in line with economists’ expectations. The Bank of England expects the inflation rate to exceed 11% in October, when households receive their energy bills. Paul Dales, chief UK economist at Capital Economics, said it was not obvious in the latest data that there were signs of the “more persistent inflationary pressures” that the central bank last week said would prompt it to “act forcefully”.