UK inflation exceeds 10% as bread and milk prices soar
By Mark Thompson, CNN Business
August 17, 2022
(1º§) (CNN Business) Inflation in the United Kingdom hit
a new 40-year high last month, rising above 10% for the
first time since 1982 and piling further pain on
households already struggling to pay their bills.
(2º§) Annual consumer price inflation hit 10.1% in July,
according to data published by the Office for National
Statistics on Wednesday, up from 9.4% in June. Soaring
food prices - up 12.7% since July 2021 - were the largest
single contributor to the acceleration in inflation, the ONS
said.
(3º§) 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.
(4º§) "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.
(5º§) The largest upward contributions came from bread
and cereals, and from milk, cheese, and eggs, with
notable price increases in cheddar cheese and yoghurts.
(6º§) 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
airfares, were also to blame, the ONS added.
www.edition.cnn.com/2022/08/17/economy/uk-inflation-10/index
