According to the latest official figures, inflation has increased yet again on all measures, due to a great extent to the rising cost of fuel. The Retail Prices Index (RPI) has risen to 11.7% in the year to May 2022, up from 11.1% last month, while the Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 7.9% in the 12 months to May 2022, up from 7.8% in April. Meanwhile the Consumer Prices Index (CPI), which excludes housing and council tax, rose by 9.1% in the 12 months to May, up from 9.0% in April.
