Britain.. Inflation jumps to its highest level in 40 years

(CNN) Britain’s inflation hit a 40-year high in July, rising above 10% for the first time since 1982, adding to the suffering of families already struggling to pay their bills.

According to data released by the Office for National Statistics on Wednesday, annual consumer price inflation reached 10.1% in July, up from 9.4% in June.

The statistics office said food prices, which have risen 12.7% since July 2021, were the biggest contributor to the acceleration in inflation, adding that higher gasoline and diesel prices, along with an increase in airfares, were also causes.

The headline inflation figure was higher than what a Archyde.com poll of economists had predicted, and food inflation is now at its highest level in 14 years.

Data published last week showed that the country’s gross domestic product fell by 0.1% in the second quarter of this year.

Inflation is expected to pick up later this year, driven by further increases in energy bills in October.

Electricity prices have already risen by 54% and gas prices by 95.7% in the twelve months to July 2022 due to rising wholesale costs, which were exacerbated by the Russian invasion of Ukraine in late February.

UK government officials are said to be studying options to provide more support to families, but Liz Truss, the front-runner to succeed Boris Johnson as the UK’s next prime minister in early September, has yet to put together a detailed plan beyond the promising tax cuts.

The opposition Labor Party has called for a tax on oil and gas companies to help finance home heating bills this winter.

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