UK inflation has hit double-digits (10.1%) for the first time in forty years, according to figures from the Office of National Statistics (ONS).
The latest report released today revealed that the Consumer Price Index (CPI) rose by 10.1% in the 12 months to July 2022, up from 9.4% in June.
In the month of July alone, the CPI rose by 0.6%, compared to no change in rates being reported over the same period last year.
Rising food prices has made the biggest impact on the rise in CPI and CPIH (owner occupiers' housing costs) between June and July 2022.
The rise in food and non-alcoholic beverage prices this month marked the highest monthly increase since May 2001 with staples such as bread, cereals, milk, cheese and eggs driving the largest upward contributions, followed by meat (especially cooked ham and bacon), vegetables, sugar and chocolate.
Restaurant and hotel prices have also risen by 9% in the year to July 2022, up from 8.6% in June, which was the highest annual rate to be recorded in the National Statistics series.
The ONS also reported that prices at restaurants and cafes rose compared to a year ago, with upward contributions driven by rising costs for fast food, takeaways, and pub meals.
The inflation figures come after the ONS released reports on the UK labour market yesterday.
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