Inflation in the UK accelerated by 10.1%

Annual inflation in the UK rose to 10.1% in July from 9.4% in June, should from Office for National Statistics (ONS) data. On a monthly basis, consumer prices rose 0.6% in July from 0.8% in June.

“Food prices have risen markedly, especially for baked goods, dairy products, meat and vegetables, which has also been reflected in higher takeaway food prices. Rising prices for other staples such as pet food, toilet rolls, toothbrushes and deodorants also pushed up inflation in July,” said ONS Chief Economist Grant Fitzner (quote according to Bloomberg).

Bloomberg noted that the Bank of England expects inflation to exceed 13% by the end of the year.

June 22 ONS reportedthat the inflation rate in the UK in May reached 9.1%. This was the highest value in the last 40 years and the highest among the G7 countries. As a result of rising prices, about 60% of adult residents of the country began to save on essentials, the situation was also aggravated by a decrease in real wages.

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