Official data on Wednesday showed that British inflation surged to a new 40-year high in July on rising food prices, adding to a cost-of-living 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, 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…
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