Britain’s inflation rate rose to a new 40-year high of 10.1% in July, a faster pace than in the U.S. and Europe as climbing food prices in the United Kingdom tightened a cost-of-living squeeze fueled by the soaring cost of energy.
The double-digit surge in consumer prices over a year earlier was higher than analysts’ central forecast of 9.8% and a jump from the annual rate of 9.4% in June, the Office for National Statistics said Wednesday. The increase was largely due to rising prices for food and staples, including toilet paper and toothbrushes, it said.
