UK inflation at highest for almost a year and a half
The article reports that the UK's inflation rate has reached its highest level in almost a year and a half. The key points are: - Inflation, as measured by the Consumer Prices Index (CPI), rose to 10.1% in the 12 months to July 2022, up from 9.4% in June. - This increase was driven by rising prices for food and clothing, which offset a slight decline in fuel prices. - The surge in inflation is likely to put further pressure on households, as the cost of living continues to rise. - The high inflation rate may also prompt the Bank of England to raise interest rates further in an effort to bring inflation under control. - Overall, the article highlights the ongoing challenges facing the UK economy, with high inflation eroding consumer purchasing power and putting strain on household budgets.
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