UK hits double-digit inflation for the first time in 40 years

cointelegraph.com:

The inflation rate in the United Kingdom reached 10.1%, according to the Office for National Statistics (ONS). The Consumer Prices Index (CPI) rose by 10.1% in the 12 months to July 2022. It's a significant leap from 9.4% in June.

The ONS stated that housing and household services, including fuel and transport (fuel again), food and beverages are to blame for the surge in prices.

The price at the pump in the United Kingdom currently stands at roughly £1.72 ($2.08) per liter, having almost breached the £2 mark recently. For Diesel, the price sits at £1.84 ($2.23) per liter, having dropped under the £2 mark in June. The ONS reported that rising food prices were the largest contributor to the inflation rate.

For Alex Gladstein, the chief strategy officer at the Human Rights Foundation, the United Kingdom joins a host of countries suffering from double-digit price increases. More than 2 billion people worldwide suffer from the situation in which purchasing power quickly erodes.

We must now add to the list10.1% inflation in the UK as Brits join the 2+ billion people living under double-digit inflation worldwideGermans, Americans, and Indians next? https://t.co/qkyESv35WO

Meanwhile, for Guy from Coin Bureau, the worst is yet to come for Brits like him. Winter gas surcharges are right around the corner, he tweeted. Paul Dales, chief U.K. economist at Capital Economics stated in July that inflation could “rise to 12% in October and that interest rates will be raised from 1.25% to 3%, although it’s finely balanced whether they rise by 25bps or 50bps in August.”

Against an inflationary backdrop, Bitcoin continues to grapple with the mid $20,000s while commentators and experts in the space regularly weigh in on whether Bitcoin is