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UK inflation up to 4.4% in July UK inflation up to 4.4% in July
(10 minutes later)
The UK's annual rate of inflation rose to 4.4% in July, up from 3.8% in June and more than twice the government's 2% target, official figures have shown.The UK's annual rate of inflation rose to 4.4% in July, up from 3.8% in June and more than twice the government's 2% target, official figures have shown.
The rise in the Consumer Prices Index (CPI) was higher than expected and driven mainly by soaring food prices. The rise in the Consumer Prices Index (CPI) was higher than expected and driven mainly rising food prices.
High petrol prices also helped to push up inflation as the data was collected before the recent drop in oil prices.High petrol prices also helped to push up inflation as the data was collected before the recent drop in oil prices.
Inflation as measured by the Retail Prices Index (RPI) - often used in pay negotiations - rose to 5% from 4.6%.Inflation as measured by the Retail Prices Index (RPI) - often used in pay negotiations - rose to 5% from 4.6%.
Food prices jumped by a record 13.7% during the month mainly as a result of surging meat prices - particularly bacon, pork and poultry. At the same point last year the price of food and non-alcoholic beverages had fallen. Food prices jumped by a record 13.7% over the year mainly as a result of surging meat prices - particularly bacon, pork and poultry
The Office for National Statistics also noted that retailers were not discounting products by as much as last year, adding to inflationary pressures, while prices at restaurants and the cost of hotel accommodation also rose.