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Daily Mirror
Daily Mirror
Business
Levi Winchester

Inflation hits 10.1% in new 40-year high as Bank of England warns of recession

Bank of England Inflation Recession Office for National Statistics

UK inflation climbed to 10.1% in the 12 months to July as the cost of living crisis continues to squeeze household finances.

This is up from 9.4% in June - and means Consumer Prices Index (CPI) inflation is now five times higher than the Bank of England target of 2%.

Economists were expecting inflation to reach 9.8% in July - meaning the rise is worse than predicted.

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