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October 06
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Inflation in the United Kingdom reached a new 40-year high in July, exceeding 10% for the first time since 1982.

Annual consumer price inflation reached 10.1% in July, according to data released by the Office for National Statistics, compared with 9.4% in June. The 12.7% rise in food prices since July 2021 has been the biggest driver of the acceleration in inflation, according to the ONS.

Headline inflation was higher than forecast in a Reuters poll of economists, and food inflation is now at its highest level in 14 years.

All eleven classes of food and non-alcoholic beverages have contributed to the change in annual inflation rate, where prices have generally risen this year but fell a year ago, the ONS said in a statement.

Bread and cereals, milk, cheese and eggs were the most affected by price increases, with cheddar cheese and yogurt prices showing notable increases.

On a monthly basis, the consumer price index rose 0.6% in July compared to the same period last year. The ONS believes that higher gasoline and diesel prices, as well as rising airfare, are to blame.

The higher-than-expected reading will continue to put pressure on the Bank of England to continue its biggest rate hike last month in 27 years, despite growing evidence of pressure on household budgets and indications that the UK economy may already be has entered a recession.

Data released last week showed that the country's GDP shrank by 0.1% in the second quarter of this year.

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