UK inflation soars to more than double BoE target

The Bank of England will publish its quarterly Inflation Report on Wednesday with annual inflation at more than double its 2% target.

CPI inflation, the monetary-policy relevant measure, soared to 4.4% in the year to July, up from 3.8% the previous month. The leap is the biggest since records began in 1997.

The largest upward pressure came from food and non-alcoholic beverage prices, which rose by 12.3%. Food prices jumped a record 13.7% in the year to July, up from 10.6% in June. Meat is now

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