Recession looms as inflation soars – ONS

The UK inflation rate was 3.8 per cent in June, pushed higher by rising food and fuel costs.

The Consumer Prices Index (CPI) jumped to 3.8 per cent last month from 3.3 per cent higher than expected by City economists and almost double the Bank’s two per cent target according to the Office for National Statistics.
The Bank’s official inflation benchmark is now at its highest level since CPI records began in January 1997.
This could prevent members of the bank’s monetary policy committee from cutting interest rates as fast as they would like to aid an ailing economy.

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