The U.K.’s annual rate of inflation rose to a new four-decade high, outpacing increasingly rapid wage growth and weakening the country’s economic outlook during a period of political vacuum.

The U.K.’s Office for National Statistics Wednesday said consumer prices were 9.4% higher in June than a year earlier, the highest rate of inflation since 1982 and a pickup from 9.1% in May. The figure marks the fastest rise in prices for a Group of Seven economy since the global surge began at the start of last year.