Inflation hits double figures soaring to new 40-year high as cost of living crisis deepens

Inflation hits double figures soaring to new 40-year high as cost of living crisis deepens
Inflation hits double figures soaring to new 40-year high as cost of living crisis deepens

Arabnews24.ca:Wednesday 17 August 2022 02:11 AM: Britain's rate of inflation has surged to a fresh 40-year high, heaping yet more pain on cash-strapped households as the cost of living crisis deepens.

The Consumer Prices Index (CPI) rose to 10.1% in the 12 months to July, up from 9.4% in June and remaining at the highest level since February 1982, the Office for National Statistics (ONS) said.

July's inflation rate is higher than the 9.8% figure expected by most economists and represents a further squeeze on people's pockets.

What must happen for prices to return to normal? Your cost of living questions answered

It comes after separate data released on Monday showed workers had suffered a record real-term pay slump in the face of spiralling prices.

The inflation figure will ramp up pressure on the government to take further action to tackle the cost of living crunch as the Tory leadership contest continues.

Boris Johnson's spokesperson has said no further interventions will be forthcoming before 5 September, when either Rishi Sunak or Liz Truss will become the new prime minister, despite Labour leader Sir Keir Starmer having put forward his own "radical" package of measures he says would help families cope this winter.

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