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UK inflation hits 9.4 percent, a 40-year record

U.K. consumer price inflation hit 9.4 percent in June, a significant increase since Mayaccording to data released Wednesday by the Office for National Statistics (ONS). 

The reading marks a jump from the 9.1 percent measured in May. Transportation, namely fuel prices, and food costs were the biggest drivers behind the inflation spike, offset only slightly by falling used-car prices.

“Annual inflation again rose to stand at its highest rate for over 40 years,” said Grant Fitzner, chief economist at the ONS in a statement.

Food prices spiked by 9.8 percent in June, up from 8.7 percent in May. This is the highest rate since March 2009, marked by especially large increases for milk, cheese and eggs.

When adjusted to include owner-occupied housing costs, prices rose by 8.2 percent in June, up from 7.9 percent in May.

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