we start today with the problem staring at us every time we go to the shops and look at our bank balance: the cost of living crisis. today we ll get the latest estimate of inflation here in the uk for the month of may. we ll go back to april to set the scene: inflation that month was running at 9%, the highest rate here in the uk for a0 years. looking into the future, the bank of england has warned inflation might exceed 11% later this year as the prices of fuel and food put pressure on household budgets. the response by the bank of england has been to raise the cost of borrowing. rates have recently been increased from 1% to 1.25%, the fifth consecutive rise, pushing them to the highest level in 13 years. our business correspondent, emma simpson, has been speaking to the chairman of the supermarket chain asda, lord stuart rose he told her that his customers have been cutting back on their shopping. if you haven t got the money, i cannot eat. iii if you haven t got the mon
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