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Inflation surges into double digits for first time in 40 years - live updates

Added 08-17-22 03:04:03am EST - “Inflation crisis wipes out 16 years of pay growth FTSE 100 closes 0.4pc higher at 7,536 Ben Marlow: Our out-of-touch water watchdog is drowning in denial Sign up here for our daily business briefing newsletter” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Inflation surges into double digits for first time in 40 years - live updates”. Below is an excerpt from the article.

Inflation has surged into double digits for the first time in 40 years, piling more pressure on households as they brace for another jump in energy bills.

The consumer price index rose by more than expected to hit 10.1pc last month, according to figures from the Office for National Statistics. That’s up from 9.4pc in June and marks the highest level of inflation for more than four decades.

Core inflation, which strips out volatile food and energy costs, hit 6.2pc. The retail price index, which is used for pricing some public services including train fares, rose to 12.3pc.

The figures suggest there will be no let-up for British families battling the cost-of-living crisis, with the Bank of England warning that inflation will peak above 13pc later this year.

Food prices were the biggest driver of inflation in July. It comes after figures released by Kantar yesterday showed annual grocery bills will rise by £533 this year as food prices increase at the fastest rate since the financial crisis.

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