UK inflation hits double digits in July for the first time in 40 years

The Consumer Prices Index rose 10.1% in July in the UK from a year earlier after a 9.4% gain the month before

UK inflation accelerated more than expected last month to the highest in 40 years, intensifying a squeeze on consumers and adding to pressure for action from the government and Bank of England.

The Consumer Prices Index rose 10.1% in July from a year earlier after a 9.4% gain the month before, the Office for National Statistics said Wednesday. The reading was higher than expected by both the BOE and private-sector economists. 

Rising food prices made the biggest contribution to the month’s increase, indicating inflationary pressures are spreading beyond energy. The pound briefly spiked to the day’s high