Britain's inflation rate rose to its highest level in 40 years in July 2022, as soaring food and energy prices continued to put more pressure on families.
Inflation in the United Kingdom rose by 10.1% last July on an annual basis, according to estimates published by the Office for National Statistics, on Wednesday, topping the Reuters forecast of 9.8%.
Britain is suffering from a worsening cost of living crisis to historical levels in the country, and inflation in Britain rose to its highest level in 40 years in June as well as food and fuel prices continued to rise.
In early August, the Bank of England raised interest rates by 50 basis points, the largest rate hike since 1995.
Britain is trying to mitigate the price hike, as it launched a plan yesterday to extend tariff cuts to include hundreds of products, such as clothing and food, from developing countries, as part of its efforts after its exit from the European Union to establish systems to replace those run by the European Union.
