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Inflation hits 3.8 per cent, its highest level in 11 years
Inflation hits 3.8 per cent, its highest level in 11 years
Last Modified: 15 Jul 2008
By:
Faisal Islam
Inflation reaches its highest level for 11 years.
The jump from 3.3 per cent to 3.8 per cent is bigger than expected, showing inflation has moved further away from the Bank of England's target of 3 per cent and suggests that it could reach a peak of 5 per cent.
But within this figure lie far more dramatic increases, especially in the cost of food which has soared to 10 per cent.
Cooking oil and other fats win the prize though, up by more than 28 per cent.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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