Data reveals inflation hit 10.1% in the 12 months to July

17 Aug 2022

Data published by the Office for National Statistics (ONS) has revealed that the rate of inflation hit 10.1% in the 12 months to July 2022, up from 9.4% in June.

The ONS said that rising food prices made large upward contributions to the change in the inflation rate. The data showed that prices for bread, milk, eggs and cheese rose the fastest.

Additionally, July's average prices for petrol and diesel were 5.5p per litre higher than in June.

The Bank of England (BoE) has warned that inflation could peak at 13% in the future.

Commenting on the data, Alpesh Paleja, Lead Economist at the Confederation of British Industry (CBI), said: 'Inflation figures continue to paint a worrying picture for consumers and businesses alike, and price pressures are set to build further. With a hefty climb in Ofgem's energy price cap expected in October, CPI inflation will comfortably rise into double digits over the months ahead.

'The cost-of-living crisis is now very real for both households and businesses, so there needs to be a concrete way forward to support vulnerable groups with higher energy bills.'

Contact us

Please get in touch with us today by phone, email or enquiry form to arrange your free initial consultation and see how we can help you and your business.

Get in touch »

Client Portal

We can provide you with an online reporting portal that gives you real-time information about your business wherever you are and whenever you need it.

Log in »

Our Newsletter

Why not register to receive our Monthly Newswire? Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.

Register »


Finance Monthly Global Awards 2020 Winner
CorporateLiveWire London & South East Prestige Awards 2020/21 Winner

IFA
ABTA
Quickbooks Intuit
Copyright

© 2022 Swenta. All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Swenta is a limited liability company registered in England and Wales under no. 08343019.
Registered Address as shown.

Contact Us

Please call:
07584092952
02080573337

Addresses
Swenta, 167-169 Great Portland Street, 5th Floor, London W1W 5PF
Swenta UAE, Suite 2207, Burlington Tower, Business Bay, Dubai, United Arab Emirates
Swenta Pakistan, Office No.1114, 11th Floor, ISE Tower, Jinnah Avenue, Blue Area, Islamabad, Pakistan