British consumer prices rose in July at their highest rate since early 1982, surprisingly topping the 10 percent mark. Goods and services cost an average of 10.1 percent more than a year earlier, according to the National Statistics Office. Economists polled by Reuters had expected inflation to remain in single digits at 9.8 percent. The island’s renewed surge in inflation is fueled by skyrocketing energy costs and supply chain problems. The rapidly rising cost of living, which is likely to be fueled by the foreseeable further rise in energy bills, is putting the British central bank under pressure. The Bank of England (BoE) recently took the biggest interest rate hike in 27 years to keep inflation in check.
Great Britain – Inflation back in double digits for the first time – Economy
