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Inflation in the United Kingdom reaches 10,1% in July, a record in 40 years

The UK's inflation rate reached 10,1% at an annual rate in July, the highest in 40 years, driven in particular by rising food prices, the Office for National Statistics (ONS) announced.

In June, annual inflation was 9,4%.

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Price rises were widespread last month, but “food rose in particular, especially bakery, dairy, meat and vegetables,” explained Grant Fitzner, chief economist at the ONS, on Twitter.

And there is more to come.

The price rise could exceed 13% in October, when drastic increases in energy prices are expected, according to Bank of England forecasts.

The UK is facing a cost of living crisis, with wages not keeping up with inflation.

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Why is UK inflation so high? (BBC*)

Prime Minister Boris Johnson will leave office in September and the new head of government, who will be chosen between conservatives Liz Truss and Rishi Sunak, will inherit the economic crisis.

(With AFP)

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