(CNN Business)UK inflation rate hit a 40-year high last month, hitting 10%. This is the first time since 1982 thathas caused more pain tohouseholds already struggling to pay their bills.
Annual consumer price inflation hit 10.1 percent in July, up from 9.4 percent in June, according to data released Wednesday by the National Bureau of Statistics. Higher food prices, which have risen by 12.7% since July 2021, were the biggest driver of inflation, according to the ONS.
Headline inflation beats expectations in a Reuters poll of economists, with food inflation now at its highest level in 14 years.
According to the ONS, "all 11 food and non-alcoholic beverage classes contributed to changes in annual inflation, with overall prices rising this year compared to falling a year ago." That's it.
Bread and cereals, milk, cheese, and eggs contributed the most to the increase, with cheddar cheese and yoghurt rising most prominently.
— This is a work in progress and will be updated.