CEBR analysis:

According to a data release from the Office for National Statistics (ONS) this morning, UK inflation stood at 10.1% in July, as measured by the Consumer Prices Index (CPI). This marked an acceleration from June’s rate of 9.4% and the highest reading since that of 10.2% recorded in February 1982, over 40 years ago. On a monthly basis, prices rose by 0.6% in July, down from 0.8% in June and the lowest monthly change since January. Meanwhile, the Consumer Prices Index including owner occupiers’ housing costs (CPIH) recorded 8.8% annual inflation in July, marking an uptick from 8.2% in June.