UK July Inflation Rate 10.1%... Highest in Over 40 Years

Andrew Bailey, Governor of the Bank of England (BOE), the central bank of the United Kingdom. [Image source=Yonhap News]

[Asia Economy Reporter Donghyun Choi] The consumer price inflation rate in the UK for July recorded double digits for the first time in about 40 years.

The UK Office for National Statistics announced on the 17th (local time) that the consumer price index for July surged 10.1% compared to the same period last year. This is the highest level since February 1982. It also rose compared to the 9.4% increase in June this year.

The Bank of England (BOE), the UK's central bank, raised the base interest rate by 0.5 percentage points last month and predicted that the year-end inflation rate would exceed 13% due to the impact of energy price hikes.

The Office for National Statistics stated that the main cause of last month's inflation was food (12.7%), with significant price increases in bread, cereals, milk, cheese, and eggs.

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