By Geoffrey Smith
Investing.com -- Annual inflation in the U.K. topped 10% with another forecast-busting increase in prices in July.
Consumer prices rose 0.6% from June, leaving them up 10.1% from a year earlier. That's the highest rate of inflation since early 1982. Retail price inflation, which includes housing costs, rose by 0.9% to an eye-watering 12.3%.
The monthly rise in prices was slightly less than in June, owing to a slight easing in petrol prices during the month. However, it was still more than the 0.4% consensus forecast.
Producer prices also rose by more than expected, gaining 1.6% on the month to hit a new high of 17.1% in annual terms.
The pound rose initially in response but soon reversed to trade at $1.2105, up only 0.1% on the day and below where it was before the data.