UK inflation clears 10% with food prices rising fastest
The country's food prices rise were the biggest driver of the overall increase
Inflation in the United Kingdom reached an annualized rate of 10.1% in July, marking the first time since 1982 that the metric has risen above 10%.
Up from 9.4% in June, the country's food prices rise were the biggest driver of the overall increase, according to data from the Office of National Statistics that CNN Business obtained. Food prices have risen by 12.7% since July of last year. Prices increased 0.6% month to month.
"All the eleven food and non-alcoholic beverage classes made upward contributions to the change in the annual inflation rate, where prices overall rose this year but fell a year ago," the ONS said of the figures.
The outlet further highlighted that real wages in the UK had fallen by 3% from April to June, the largest decrease the ONS had recorded in over 20 years.
U.S. figures, by contrast, edged down to 8.5% in July from a high of 9.1% in June.