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UK inflation rate rises to 10.1% in July


Aug 17, 2022
UK inflation rate rises to 10.1% in July


The UK’s rate of inflation rose to 10.1 per cent in July, the first time it has registered a double-digit annual increase in more than four decades, driven by the higher cost of food.

The increase in the consumer price index, higher than economists’ expectations of 9.8 per cent, rose from a 9.4 per cent rate in June.

The figures highlighted the difficult task the Bank of England faces bringing inflation down, now it has spread from high energy prices to other goods and services across the economy.

The Office for National Statistics said on Wednesday the increase in July resulted principally from the higher cost of food last month.

With the Conservative leadership hopefuls battling to become the next prime minister, the figures will draw further attention to the decline in living standards faced by households across the UK.


Image and article originally from www.ft.com. Read the original article here.