UK hits 10.1% inflation in July

The UK registered inflation at 10.1% in July which is the first time in 40 years the UK has seen inflation at this level. Most of this rise in inflation seems to have come from a rise in food costs which poses its own challenges to bringing this number down which is harder to do than energy prices. Economists expected inflation to peak at 9.8% which was below the actual number and leaves a very tricky path for the Bank of England to keep raising rates to control inflation yet tightening financial conditions as we move into a recession.