Ministers And The Bank Of England Are Facing Fury At The Lack Of A Plan To Ease The Cost-of-living nightmare Today As I
Ministers and the Bank of England are facing fury at the lack of a plan to ease the cost-of-living 'nightmare' today as i soared to another 40-year high.
The headline rate reached 10.1 per cent in July - well above analysts' predictions of 9.8 per cent.
It was up from 9.4 per cent the previous month, driven largely by fuel and food prices.
It is a peak since February 1982, when the measure was estimated to have been 10.4 per cent.
But even that mark could be smashed later in the year, when the expects the level to top 13 per cent.
The latest increase - together with relatively robust jobs market figures yesterday - will reinforce speculation that the Bank will hike interest rates again next month.
That could help rein in rampant prices, but would also heap more pain on Britons, as wages lag far behind.
Meanwhile, holidaying Boris Johnson has been accused of being on 'shore leave' by business chiefs, https://healthtopical.com/for-stretch-marks-oil/ who raised alarm that there is 'no captain' in Downing Street to deal with the problems.
His would-be successors have been trading blows as they battle for the keys to No10.
Former Cabinet minister Sajid Javid said would-be PM Liz Truss is the 'right person' to tackle the crisis.
But Rishi Sunak condemned her proposals as a 'moral failure' to support the most vulnerable families.
Chancellor Nadhim Zahawi admitted that 'times are tough' but warned there are 'no easy solutions' and getting inflation under control is his 'top priority'.
The headline CPI rate reached 10.1 per cent in July - well above analysts' predictions of 9.8 per cent.
It was up from 9.4 per cent the previous month
Fuel costs have been surging adding to the upward pressure on inflation
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<div class="art-ins mol-factbox floatRHS news" data-version="2" id="mol-f7bc4350-1e0a-11ed-8fa7-899b0abe14be" website surges to another 40-year high of 10.1%