UK inflation rate fell to 10.1% in the 12 months to July as thecost-of-living crisis continues to weigh on household budgets rose to
This is up from her 9.4% in June. This meant that consumer price index (CPI) inflation was five times the Bank of England's target of 2%.
The economist had expected July inflation to reach 9.8%. This means that the rate of rise is worse than expected.
The official figure released this morning by the Office of National Statistics (ONS) is the highest since February 1982, when inflation reached 10.4%.
According to the ONS, food was the biggest driver of inflation in July.
The Bank of England has warned that inflation could hit her 13% in October, and the UK is expected to plunge into a 15-month long recession. increase.
The economy is expected to enter a recession, defined as a two-quarter or six-month recession, from the last three months of this year to 2023. What is
inflation?
Inflation is a number used to describe how much the prices ofcommodities have risen.
Inflation is said to be high. That means that the cost of living has risen and people are earning less than they used to.
ONS publishes annual inflation rates for the last 12 months. This means you can look back at how prices have changed.
For example, say something was £1 a year ago and now. If today's cost is £1.02, its inflation rate is 2%.
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