UK inflation jumps to 40- year high

British inflation surged to a new 40- year high in July on rising food prices, official data showed Wednesday, adding to a cost- ofliving crisis as the country faces the prospect of recession.

The Consumer Prices Index ( CPI) accelerated to 10.1 percent last month from 9.4 percent in June - a 40- year record at the time - the Office of National Statistics said.

The Bank of England warned earlier this month that inflation will climb to just over 13 percent this year, the highest level since 1980.

It also projected that the country would enter a recession that would last until late 2023, with official data last week showing Britain’s economy shrank in the second quarter.

“I understand that times are tough, and people are worried about increases in prices that countries around the world are facing,” said Finance Minister Nadhim Zahawi following the release of the latest inflation data.

“Getting inflation under control is my top priority, and we are taking action through strong, independent monetary policy, responsible tax and spending decisions, and reforms to boost productivity and growth,” Zahawi said.