Inflation in UK touches double digits for first time in 40 years

Inflation in the UK crossed the 10 per cent mark in July, the first such occurrence over the past 40 years. The Consumer Prices Index (CPI) rose by 10.1 per cent in July 2022, up from 9.4 per cent in June.

“The largest upward contributions to the annual CPIH inflation rate in July 2022 came from housing and household services (principally from electricity, gas and other fuels, and owner occupiers’ housing costs), transport (principally motor fuels), and food and non-alcoholic beverages,” Office for National Statistics said on Wednesday. Rising food prices made the largest upward contribution to the annual inflation rates between June and July 2022.

The annual rate for recreation and culture was 5.6 per cent in July 2022, up from 4.8 per cent in June. “This is the sixth month in succession where the annual inflation rate for recreation and culture has been 4.7 per cent or more,” the statistics office said.

On the other hand, consumer inflation or Consumer Price Index in the US has moderated to 8.5 per cent in July compared to a year ago period, US Bureau of Labor Statistics data showed. The inflation print for the month was down from a similar four-decade high of 9.1 per cent in June.

The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services. (ANI)*

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