UK inflation rate jumped to 10.1 per cent in July 2022, the first time it has recorded double digit inflation rate in over 40 years, according to the data released on Wednesday by the Office for National Statistics.
The rise was driven by soaring food and fuel prices as households come under mounting pressure from continued surge in the cost of living.
In June UK recorded 9.40 per cent inflation rate, its highest since February 1982. The July rate however, exceeded economists’ expectations of up to 9.8 per cent.
UK’s July inflation rate is the highest in G7 countries.
- Read also: Nigeria’s inflation rate hits 19.64% – highest since 2005
- Ghana inflation rises to 31.7% in July, highest since 2003
Food inflation inflation in July hit 12.7%, the highest seen in 20 years in that category.
The Office for National Statistics said that July’s increase in prices — 0.6 per cent in the month alone — was unusual because prices generally fall in July at a time of high street sales.
The agency said that last month’s inflation was the highest rate for any July since start of comparable monthly measures started in 1988.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
