Inflation hits double figures soaring to new 40-year high as cost of living crisis deepens – By Sky News Staff (Sky News) / Aug 17, 2022
Increasing food costs were the biggest driver of the latest hike, according to the Office for National Statistics, with annual inflation for these items now running at 12.7%, up from 9.8% in June, fueled largely by price rises for basics such as bread, milk, cheese and eggs.
Britain’s rate of inflation has surged to a fresh 40-year high, heaping yet more pain on cash-strapped households as the cost of living crisis deepens.
The Consumer Prices Index (CPI) rose to 10.1% in the 12 months to July, up from 9.4% in June and remaining at the highest level since February 1982, the Office for National Statistics (ONS) said.
Increased food costs were the biggest driver of the latest hike, according to the ONS, with annual inflation for these items now running at 12.7%, up from 9.8% in June, fueled largely by price rises for basics such as bread, milk, cheese and eggs.
