UK Inflation surges past expectations in June

UK inflation continued to surge in June with rising fuel and food costs pushing the inflation rate up to 9.4% from 9.1% in May. Inflation in the 9% territory hasn’t been seen since the 80’s and surprised investors who were expecting inflation to move lower in June. The number prompts speculation that the Bank of England will further raise interest rates to cool what is obviously more entrenched inflation than many are giving are fearing.