Inflation rate rises to 40-year high of 10.1%

The inflation rate rose to 10.1% in the 12 months to July, the highest level since February 1982 

The rate has risen sharply over recent months and was up from 9.4% in June. The July figure was the highest annual consumer price index (CPI) inflation, according to the Office for National Statistics (ONS).

Increased food costs were the biggest driver, with annual inflation for these items now running at 12.7%, up from 9.8% in June – fuelled by price rises for basics such as bread, milk, cheese and eggs.

The food and non-alcoholic beverages, and transport divisions made the largest upward contributions to the monthly rates in July 2022.

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