Wednesday 17 August 2022 07:25 AM Inflation surges to another 40-year high of 10.1% trends now
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Inflation soared to another 40-year high today as families struggle to make ends meet.
The headline CPI rate reached 10.1 per cent in July - well above analysts' predictions of 9.8 per cent. It was up from 9.4 per cent the previous month.
It is the highest figure since February 1982, when the measure was estimated to have been 10.4 per cent.
But even that mark could be smashed later in the year, when the Bank of England expects the level to top 13 per cent.
The latest increase - together with relatively robust jobs market figures yesterday - will reinforce speculation that the Bank will hike interest rates again next month.
That could help rein in rampant prices, but would also heap more pain on Britons, as wages lag far behind.
Chancellor Nadhim Zahawi admitted that 'times are tough' but warned there are 'no easy solutions' and getting inflation under control is his 'top priority'.
The headline CPI rate reached 10.1 per cent in July - well above analysts' predictions of 9.8 per cent. It was up from 9.4 per cent the previous month
ONS Chief Economist Grant Fitzner said: 'A wide range of price rises drove inflation up again this month. Food prices rose notably,
