Inflation hits 101 as cost of living continues to soar
Written by First Choice Radio on 17 August 2022
It’s the highest rate in more than 40 years
The cost of living soared again in July, putting further strain on under-pressure families across the UK.
Consumer Prices Index inflation (CPI) reached 10.1% last month, beating expectations, the Office for National Statistics (ONS) revealed.
The increase was largely down to food prices and staples including toilet rolls and toothbrushes, the ONS said.
The measure had been expected to reach 9.8%, according to an average of analysts’ estimates calculated by Pantheon Macroeconomics.
It is the biggest jump in the cost of living since February 1982, when CPI reached 10.4%, according to ONS estimates.
It is also a massive jump from the 9.4% inflation in June.
Inflation is expected to fall back a little in August; however, according to estimates it could soar to 13.3% in October when the energy price cap rises again.
The Bank of England thinks this could push the UK into a recession.
Published: by Radio NewsHub