Analysis: Figure is being generated by factors outside Britain, and households and firms can do without burden of higher interest rates
- UK inflation hits fresh 40-year high of 9.4% as fuel prices rise
- Business live updates: UK inflation rises for ninth month in a row
A rise in the rate of inflation to 9.4% is a blow to City analysts who had predicted it would nudge up to only 9.3%. But their bruised egos are irrelevant compared with the financial shock experienced by households and businesses facing the highest annual cost of living increase since 1982.
For the last nine months, food, fuel and energy prices have pushed inflation higher. In June, petrol was the main culprit again, rising by more than 20p a litre and making transport costs eye-wateringly high for the owners of cars, trucks and trains.
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