UK Inflation Hits 40-year High

Inflation in Britain jumped to a new 40-year high in July due to rising food prices, official statistics showed. Forecasts of a recession are added to the crisis of living costs, AFP reported.

Annual inflation in the United Kingdom accelerated in July to 10.1 percent from 9.4 percent in the previous period and slightly above market forecasts of 9.8 percent, official British statistics showed.

This is the highest inflation rate in Britain since February 1982.

UK Annual Inflation Chart

On a monthly basis, consumer prices rose 0.6% in July compared to June, when they rose 0.8% and against market expectations for a 0.4% rise.

The acceleration of British inflation in July was due to stronger increases in house and utility prices (up 20% after a 19.6% increase in June), leisure and culture prices (5.6% compared to 4, 8% month earlier), food and soft drinks (up 12.6% in July after growing 9.8% in June) and restaurant and hotel prices (up 8.9% after growing 8 .5% in June).

At the same time, there is a slight slowdown in price growth in transport (to 14.8% from 14.9% in June).

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