Soaring food and energy costs drive UK inflation to 10.1%

LONDON (AP) — Britain’s inflation rate rose to a new 40-year high of 10.1% in July, as rising food prices tightened a cost-of-living squeeze fueled by soaring energy prices. The Office for National Statistics said Wednesday that consumer prices inflation hit double digits, a jump from 9.4% in June and higher than analysts’ central forecast of 9.8%. It said the increase was largely due to rising prices for food and staples including toilet paper and toothbrushes. Most economists believe worse is to come. The Bank of England says soaring natural gas prices are likely to drive consumer price inflation to 13.3% in October.