UK inflation surged to a new 40-year high in July on soaring food prices, official data showed Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession.
The Consumer Prices Index (CPI) rose 10.1% in July from 9.4% in June, a four-decade high, said the Office for National Statistics.
The Bank of England warned earlier this month that UK inflation would climb to just above 13% this year, which would be the highest level since 1980.
It also projected that the country would enter a recession near the end of the year that the BoE expects to last until late 2023.
Official data last week showed Britain’s economy shrank in the second quarter.
“I understand that times are tough, and people are worried about increases in prices that countries around the world are facing,” finance minister Nadhim Zahawi said to the media following the latest data.
“Getting inflation under control is my top priority,” he said, as Britons face also rocketing energy bills.