ONS reports Inflation has seen sharpest increase on record in July


Inflation rose to 3.2% last month from 2% in July – its largest ever recorded increase – the Office for National Statistics (ONS) said.

The Consumer Prices Index measure of inflation rose from 2% in July, the Office for National Statistics (ONS) said, driven by higher food costs.

The rate now exceeds the Bank of England’s 2% inflation target again.

The cost of living went up less rapidly in July because of lower clothing and footwear prices.

The ONS said much of the effect was likely to be temporary.