Inflation of United Kingdom has surged to a new 40-year high in July on rising food prices, official data showed on Wednesday, adding to a cost-of-living crisis as the country faces the prospect of recession, reports BSS.
According to the Office of National Statistics, the Consumer Prices Index (CPI) accelerated to 10.1 per cent in July from 9.4 per cent in June.
The Bank of England warned earlier August that inflation will climb to just over 13 per cent this year, the highest level since 1980.It also projected that the country would enter a recession that would last until late 2023.
The central bank raised its key rate by 0.50 percentage points to 1.75 per cent at its last policy meeting, the biggest hike since 1995.
Bd-pratidin English/Tanvir Raihan
