THE UK inflation rate has hit double digits – 10.1 per cent – the Office for National Statistics has revealed.
It’s a higher rate than analysts were predicting – the last time price rises were in double digits was in February 1982
Rising food and drink prices made the biggest contribution to the change in the inflation rate between June and July
Bread, cereals, milk, cheese and eggs had a particular impact on rising prices
But the cost of living is rising across the board, driven partly by energy costs and the Ukraine war but also factors such as the cost of raw materials
Meanwhile, average wage increases are falling behind, with the average salary buying three per cent fewer goods and services than a year before
Inflation is expected to continue rising this year, with the Bank of England predicting it won’t go down to the target two per cent for about two years