UK inflation surges to double digits at 10.1% in July

Above expectations of 9.8%

UK inflation soared to 10.1% in July, reaching double digits for the first time in 40 years.

The CPI figures came in above expectations of 9.8%, and up from 9.4% in June. The Office for National Statistics said that rising food prices made the largest upward contribution to the change in prices from June, with the greatest movements coming from bread and cereals and milk, cheese and eggs. Further 75 basis points hike 'almost a done deal' as US labour figures beat expectations Food prices, along with transport and housing, make up the bulk of price rises in the last year, with fuel prices up by 43.7% in the year to July, the highest rate ever recorded. Meanwhile ...