Inflation tracks up causing alarm Advanced nations are experiencing the fastest rise in inflation since 2008, with OECD members averaging an annual rate of 3.8% over May, up from 3.3% in April. In the UK, services businesses raised prices at the fastest rate on record, according to a survey by the Chartered Institute for Procurement and Supply (CIPS). Duncan Brock, group director at CIPS, said: “With the sharpest escalation in price inflation for 25 years, it is no wonder businesses are concerned that they are paying substantially more for fuel, food and transport costs than they were a year ago.” Meanwhile, prices across Europe rose at the fastest pace for 20 years in June as restrictions were lifted, according to IHS Markit, which compiles the survey. Its chief business economist Chris Williamson said the data signalled “a broad-based increase in inflationary pressures”. The IHS Markit/CIPS purchasing managers’ index for the UK’s services sector came in at 62.4, down slightly from 62.9 in May but well above the 50 mark that signals growth.