Correct Answer : 10.1%
U.K. inflation rose to another 40-year high in July as spiraling food and energy prices continued to intensify the country’s historic squeeze on households.
The consumer price index rose 10.1% annually, according to estimates published by the Office for National Statistics on Wednesday(17th August 2022), above a Reuters consensus forecast of 9.8% and up from 9.4% in June.
Core inflation, which excludes energy, food, alcohol and tobacco, came in at 6.2% in the year to July 2022, rising from 5.8% in June and ahead of projections of 5.9%.
British 2-year Gilt yields surged on Wednesday morning after the release, adding more than 26 basis points to reach 2.41%, their highest point since November 2008.
Rising food prices made the largest upward contribution to annual inflation rates between June and July, the ONS said in its report.
Key Points :
* The consumer price index rose 10.1% annually, according to estimates published by the Office for National Statistics on Wednesday, above a consensus forecast of 9.8% and up from 9.4% in June.
* Rising food prices made the largest upward contribution to annual inflation rates between June and July, the ONS said in its report.
* The Bank of England expects inflation to top out at 13.3% in October.
Source : cnbc