What is inflation? | |The simplified
UK inflation rate reached 10.1%, the highest level in 40 years.
According to the National Bureau of Statistics, the main drivers of the increase are the prices of groceries and basic necessities such as toilet paper and toothbrushes.
ONS estimates it's the biggest rise in the cost of living since 1982, when the consumer price index reached his 10.4%.
It is also up significantly from 9.4% inflation in June.
Tory chief rivals Liz Truss and Rishi Snak called for urgent action to address cost of living crisis However, number 10 has been ruled out for an immediate settlement of the arrangement between Boris Johnson and his two successors.
On Tuesday, Mr Sunak's campaign attacked his rival, urging her to "come clean" about her living expenses plans. Mr Truss, meanwhile, has reiterated her plan to cut household taxes and said she rejects her "paste the plaster" approach.
Welcome
Good morning.Welcome to The Independent'scoverage of the cost of living crisis. The ONS released its latest inflation rate this morning, revealing the highest rate of inflation in over 40 years.
Follow our blog to find out more about the reaction to today's announcement and the growing pressure on families across the UK.
Inflation surges to 10.1%
Inflation in the UK has surged to a 40-year high, increasing pressure on households struggling with the cost of living crisis.
The Consumer Price Index (CPI) rose from 9.4% in June to 10.1% in the 12 months to July, the highest since 1982. maintains standards. National Statistics (ONS) said.
Inflation in July was higher than most economists' forecast of 9.8%, indicating more pressure on people's pockets.
Inflation is expected to peak at 13.3% later this year, pushing the UK into recession, according to the Bank of England (BoE).
Which items caused inflation to rise?
According to ONS chief his economist Grant Fitzner, higher prices for various foods have pushed inflation to his 10.1%.
"Broad price increases have again triggered inflation this month," said Fitzner.
"Prices for food items, especially bakery products, dairy products, meat and vegetables, have risen significantly, which has also been reflected in higher takeaway prices.
"Rising prices for other essentials such as pet food, toilet paper, toothbrushes and deodorant also pushed inflation higher in July.
"Rising demand has driven Prices for travel packages rose after falling in the same period last year, and air fares also rose.
“The cost of raw materials and Food prices keep going up."
"Controlling inflation is my number one priority," said Nadhim Zahawi.
price.
“There are no easy answers, but we are doing all we can through our £37 billion support package to help the lowest income earners, pensioners and people with disabilities. £400 off utility bills for everyone over the next few months
``Keeping inflation down is my number one priority. and taking action through strong and independent monetary policy, responsible tax and spending decisions, and reforms to boost productivity and growth."
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100,000 sign petition for emergency budget
More than 100,000 sign petition in support of former prime minister's call Gordon in emergency budget to tackle energy and cost of living crisis ·Brown.
Campaign Group 38 Degrees said the number of people wanting to sign showed that people were asking for help in the aftermath of soaring inflation.
Strategy Director Ellie Gerard said:
“Thirty-eight polls show two out of three people support all the measures he has considered to control this crisis. includes special support and cancellations for 8 million vulnerable households.Rising energy prices.
"The UK is now far ahead of our leadership." Prime Minister frontrunner Liz Truss has kept her family a secret about whether lifelines will come, but the message from the British public is clear: act big, act now.
Millions face 'dire financial situation', experts say Warning
Which. said Rocío Concha, Director of Policy and Advocacy at .
"It is clear that the current level of government support for the cost of living is inadequate as bills rise further.
“Ministers must now act quickly to increase the amount of support for those in distress. to ensure that the customer receives the appropriate transaction and additional support as needed."
Catherine Chapman, director of the Living Wage Foundation said: The Consumer Price Index shows inflation reaching her highest level in 40 years, meaning the pressure on household budgets is mounting further, with her 4.8 million people in the UK No one is feeling the pinch more than low-wage workers in the United States.
“The Real Living Wage is the only wage rate calculated on the cost of living with dignity. Reflecting the massive increase in the cost of living we are facing, we are giving all businesses that can afford the nearly 11,000 jobs that are certified as Living Wage Employers and are committed to always doing the right thing by their employees. We encourage you to join our organization's network."
Rail Fares Inflation rate used to raise rail fares rises to 40-year high
has risen to its highest value.
According to data from the National Bureau of Statistics, retail price index (RPI) inflation was 12.3% in July, up from 11.8% the previous month, up from 1982. It was the highest since January.
July's RPI figure traditionally reflects the governments of England, Scotland and Wales following next year's hikes in regulated rail fares, including season tickets for most commuter routes. Used to set the upper limit.
But the Ministry of Transport announced on Monday that the 2023 increase in UK regulated fares will be below inflation measures.
Chris Page, chairman of lobby group Railfuture, said:
"They do not disclose what the price increase will be or which fares it will apply to.
"Germany showed the way by offering a 9 euro (£7.58) travel card.
"It proves that people flock to trains when the price is right."
ICYMI: Liz Truss says UK workers need 'more transplants' and lack 'skills'
Liz Truss, frontrunner for Conservative leadership, said in a leaked audio recording that British workers needed "more transplants". criticized.
Her Ms Truss said that after her remarks were branded as "offensive" by the Labor seemed to be in denial.
However, she started her own campaign a few hours before her team's sources suggested they were her real, "something from about five years ago." ” was expressed.
Read the full report below:
Regarding Labor leader Sir Kiel Sturmer's plan to freeze energy price caps, former Conservative minister Sajid Habid said:
He told Sky NewsI heard Kiel Sturmer say yesterday that his numbers I don't think they added up at all."
he added: I say it will happen in the next few weeks and will take further action.
"Because she, like me, and as most politicians do, recognizes that this is a very serious crisis for the family at home.
"They would have looked at the rate of inflation today and may not be shocked given what the Bank of England said recently, but it It's not so obvious to everyone, people will be concerned and Liz will be the right person to deal with this.
Is support comprehensive or targeted? When asked if it would be possible, he added, it would benefit everyone, but see if targeted action could be taken, and that it would be considered when it comes to emergency budgets. I am sure."