The rate of inflation has hit a new 40-year high, rising into double figures to hit 10.1% The Consumer Price Index - the rate at which everything we buy is getting more expensive, was 9.4% in June and is now at its highest level since 1982.
The level is higher than forecast with experts thinking it would stay below 10%. The inflation figure usually used to determine annual rises in some train fares set to be released by the ONS hours later at 9.30am is expected to be even higher.
After CPI inflation was shown to reach 10.1% in July, ONS chief economist Grant Fitzner said: “A wide range of price rises drove inflation up again this month.
