London, (AFP) - The pace of inflation accelerated in the United Kingdom in June, reaching 9.4 percent at an annual rate, the highest level in forty years, fueled by fuel and food prices, against the backdrop of a crisis in the cost of living.

The inflation rate in May was 9.1 percent, according to the National Bureau of Statistics in its monthly report released on Wednesday.

"The countries of the world are facing a rise in prices, and I am well aware of the difficulty that people in the United Kingdom are experiencing, so we are working alongside the Bank of England to reduce them," said Minister of Economy and Finance Nazim Al-Zahawi.

The Bank of England believes that inflation may exceed 11% at the end of this year due to the Russian invasion of Ukraine and the large rise in gas prices as a result of that and tensions in the labor market.

Bank Governor Andrew Bailey warned on Tuesday that the British central bank may accelerate the pace of raising interest rates by increasing them by 50 basis points during its scheduled meeting in August in an attempt to curb the huge rise in prices.

“Inflation hit a level not seen in several decades in June,” said Anna Leech, economist at CBI, the UK’s largest employers’ organisation. “The labor market remains tense, global price pressures are strong and we expect a further hike in tariffs.” electricity".

"As a result, inflation is likely to remain high for the rest of the year, further eroding household income," he added.