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UK inflation hits 10.1% as cost of living soars

UK Inflation

UK Inflation

Prices are continuing to rise at their fastest rate for more than 40 years, with UK inflation passing double digits for the first time since 1982.

Inflation hit 10.1% in the 12 months to July, up from 9.4% in June, the Office for National Statistics said.

The Bank of England has said inflation – the rate at which prices rise – could peak at more than 13%.

Rising food prices made the biggest upward contribution. The figure was higher than expected by economists.

Soaring living costs are eating into household budgets, with prices rising faster than wages.

Food and non-alcoholic drinks were the largest contributor to rising prices in July, according to the ONS.

The price of bread, cereals, milk, cheese and eggs rose the fastest, while the cost of vegetables, meat and chocolate were also higher.

Transport cost were another big contributing factor, with air fares and international rail tickets particularly increasing.

Graph showing UK inflation

Chancellor Nadhim Zahawi said getting inflation under control was his “top priority”.

“I understand that times are tough, and people are worried about increases in prices that countries around the world are facing,” he said.

“Although there are no easy solutions, we are helping where we can through a £37bn support package, with further payments for those on the lowest incomes, pensioners and the disabled, and £400 off energy bills for everyone in the coming months.”

But Labour accused the Conservatives of “ignoring the scale of this crisis”.

Shadow Chancellor Rachel Reeves said: “We must get a grip on rising inflation leaving families worried sick about making ends meet.

“Labour’s fully-costed plan to freeze the energy price cap will bring inflation down this winter easing the burden on households and businesses.”

 

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