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UK inflation hits 40-year record, highest in G7

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By Andy Bruce and David Milliken LONDON (Reuters) -Soaring food prices pushed British consumer price inflation to a 40-year high of 9.1% last month, the highest rate out of the Group of Seven countries and underlining the severity of the cost-of-living crunch. The reading, up from 9.0% in April, matched the consensus of a Reuters poll of economists. Historical records from the Office for National Statistics show May’s inflation was the highest since March 1982 – and worse is likely to come. Sterling, one of the worst performing currencies against the U.S. dollar this year, fell below $1.22, do…

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