17 Aug 2022
Data published by the Office for National Statistics (ONS) has revealed that the rate of inflation hit 10.1% in the 12 months to July 2022, up from 9.4% in June.
The ONS said that rising food prices made large upward contributions to the change in the inflation rate. The data showed that prices for bread, milk, eggs and cheese rose the fastest.
Additionally, July's average prices for petrol and diesel were 5.5p per litre higher than in June.
The Bank of England (BoE) has warned that inflation could peak at 13% in the future.
Commenting on the data, Alpesh Paleja, Lead Economist at the Confederation of British Industry (CBI), said: 'Inflation figures continue to paint a worrying picture for consumers and businesses alike, and price pressures are set to build further. With a hefty climb in Ofgem's energy price cap expected in October, CPI inflation will comfortably rise into double digits over the months ahead.
'The cost-of-living crisis is now very real for both households and businesses, so there needs to be a concrete way forward to support vulnerable groups with higher energy bills.'