Shocking! UK inflation figures continued to soar in July rising to a new high since February 1982.
Most recently, the Office for National Statistics (ONS) revealed that the UK consumer price index (CPI) rose to 10.1% on an annual basis in July, beating market expectations for a 9.8% increase.
The figure was also up from the 9.4% recorded in June, making it a new 40-year high.
Core inflation (excluding energy and food prices) was reported to have increased by 6.2% year-on-year from 5.8% recorded the previous month.
The main contributor to this increase was driven by rising food prices, indicating pressure spread beyond energy costs.
The latest reading of the data further exacerbates the cost of living crisis experienced by UK citizens who are already affected by high energy bills.
At its recent policy meeting, the Bank of England (BOE) expected inflation to reach 13% in October when the energy price cap is reset.
Governor Andrew Bailey has also signaled that he is prepared to raise interest rates further.
