U. K.’s CPI inflation jumps to 10.1%, highest since 1982

The rise in Britain’s consumer price inflation was above economists’ expectations in a Reuters poll for inflation to rise to 9.8% in July

August 17, 2022 08:28 pm | Updated 10:14 pm IST - LONDON

A supermarket in Richmond, west London. British consumer price inflation rose to 10.1% in July, its highest since February 1982

A supermarket in Richmond, west London. British consumer price inflation rose to 10.1% in July, its highest since February 1982 | Photo Credit: Reuters

British consumer price inflation rose to 10.1% in July, its highest since February 1982, up from an annual rate of 9.4% in June, as the squeeze on households intensifies, official figures showed on Wednesday.

The increase was above economists' expectations in a Reuters poll for inflation to rise to 9.8% in July, and will do nothing to ease the Bank of England's concerns that price pressures may become entrenched.

Earlier this month the BoE raised its key interest rate by 0.5% to 1.75% — its first half-point rise since 1995 — and it forecast inflation would peak at 13.3% in October, when regulated household energy prices are next due to rise.

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