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UK inflation up to 4.4% in July

UK inflation rose by 4.4% in July, up 3.8% in June and over twice the Government’s target of 2%.

The jump in inflation is the biggest monthly increase since records began in January 1997.

Food prices went up by a record 13.7%, which was put down to surging meat prices. The figures will put further strain on consumers' already stretched budgets.

The Bank of England will face a tough decision in whether to cut, hold or raise the current interest rate of 5% in the face of accelerating inflation and a slowing economy. The Bank of England will make a decision on the next level of interest rate on September 4.

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