According to a British Statistics Office (ONS) report on Wednesday, consumer prices excluding housing costs (CPI) were 10.1 per cent higher in July compared to the previous year. In June, 12-month inflation was measured at 9.4% in Great Britain.
The Massachusetts Institute of Technology quotes the Office of National Statistics statement: The July inflation rate is the highest since the monthly measurement of annual inflation using current methodology began in January 1997.
Based on data calculated even before that using modeling, the last time in January 1982, more than forty years ago, British annual inflation was faster than last month, at a rate of about 11 percent. According to the Office for National Statistics, within the average of the entire inflation basket in July, food and soft drinks prices and transportation costs rose the most.
Prices of food and soft drinks rose 12.7 percent in the year to last month, after a 9.8 percent rise in June. Transportation costs are up 15.1% and retail fuel prices are up 43.7% in twelve months.
