Annual consumer price inflation in UK hit 10.1% in July, up from 9.4% in June, according to data released by the Office for National Statistics (ONS) on Wednesday.

The ONS said rising food prices – up 12.7% from July 2021 – were the biggest single contributor to the acceleration in inflation.

The headline inflation number was higher than predicted by a Reuters poll of economists, and food inflation is now running at its highest level in 14 years.

“All the eleven food and non-alcoholic beverage classes made upward contributions to the change in the annual inflation rate, where prices overall rose this year but fell a year ago,” the ONS said.

The largest upward contributions came from bread and cereals, and from milk, cheese and eggs, with notable price increases in cheddar cheese and yoghurts.

On a monthly basis, the consumer price index was up 0.6% in July, compared with no change a year ago. Higher gasoline and diesel prices, together with rising air fares, were also to blame, the ONS added.

The higher-than-expected reading will keep the pressure on the Bank of England to follow last month’s biggest increase in interest rates in 27 years with further rate hikes despite mounting evidence of the pressure on household budgets and signs that the UK economy may already have entered a recession.

Data published last week showed that the country’s GDP dropped by 0.1% in the second quarter of this year.

Miserable’ for consumers
And Tuesday’s official labor market report found that paychecks rose by 4.7% between April and June, meaning average incomes fell by 3% during the period once inflation is taken into account — the biggest drop in real wages since the ONS began keeping records more than 20 years ago.

“The situation is miserable for UK consumers, who are currently being squeezed from all sides,” wrote Kallum Pickering, senior economist at Berenberg, in a note to clients. “Wages are not rising fast enough to offset surging inflation, but they are rising too fast for the [Bank of England’s] liking, as it wants to return inflation to target,” he added.

Inflation is forecast to go even higher later this year, driven by further rises in regulated energy bills in October. Electricity prices have already risen by 54% and gas prices by 95.7% in the 12 months to July 2022 because of rocketing wholesale costs, worsened by Russia’s invasion of Ukraine in late February.

UK government officials are reportedly examining options to provide more support to households. But Liz Truss, frontrunner to succeed Boris Johnson as next UK prime minister in early September, has yet to set out a detailed plan beyond promising tax cuts.

The opposition Labour Party is calling for a windfall tax on UK oil and gas companies to be extended to help fund a freeze in household heating bills this winter.

SOURCE:https://brandspurng.com/2022/08/17/uk-inflation-exceeds-10-as-cost-of-living-soars/

Their Russian sanction na huge success...

Odes

The sanction is not affecting Russia alone.

Eeya. . The conservative party will likely be voted out.
check my signature for free stuffs!

Putinflation.....

[img]https://giffiles./216/216404.gif[/img]

....Mugu's

Only Russia is enjoying the sanction as if they were fully prepared for the sanction


England is overrated yet I will that's my dream second nationality and US as third

Waw. Effect of brexit cum war in Ukraine. Germany economy remains strong as ever.

UK inflation dey learn work from Naija inflation

See your saner clime

Even Nigeria has never seen inflation like this in its existence.

We thank God for Buhari still.

Ilu awon Osu

Excelente

vlj

Omohhh.
This inflation dey chop everything

Their inflation still dey learn from nigeria own.

Where is Nwaamaikpe

...... and i also noticed the grills dude has stopped posting

The Russian Ukraine war
Brexit and shortage of truck drivers, farm workers and other jobs typically done by immigrants
Supply chain crisis caused by COVID-19.
The fall of the Great Britain pounds

PC Games: https://www.nairaland.com/1035742/garnet-pc-games-sale-cheapest

Too much money chasing fewer goods. The UK needs to hike their interest rate so people can spend less in an overheated economy.

Inflation has peaked in North America (US and Canada) according to reports due to their central bank's aggressive hike of interest rates.

UK is going tru alot with economy issue...

By 2023 half of the population may not be able to pay power bill





While in Nigeria, our leaders are clearing bush with billions

It is so expected and with the amount of people migrating to UK of recent, sure needs to increase the influx

Ok

Thank God

Splitmind:
See your saner clime

Even Nigeria has never seen inflation like this in its existence.

We thank God for Buhari still.

Lol. It's 19% in Nigeria and 1 pounds is still almost 1,000 thousand naira.

KingKO22:
Only Russia is enjoying the sanction as if they were fully prepared for the sanction


England is overrated yet I will that's my dream second nationality and US as third

Russia's economy contracted 4% in the last quarter compared to Britain's 0.4%, and Inflation rate in Russia is over 15%. Everybody is chopping the breakfast.

Lemme prescribe something for them in UK.