British consumer price inflation jumped to 10.1% in July, its highest since February 1982, up from an annual rate of 9.4% in June, intensifying the squeeze on households, official figures showed on Wednesday.
The increase was above all economists' forecasts in a Reuters poll for inflation to rise to 9.8% in July, and will do nothing to ease the Bank of England's concerns that price pressures may become entrenched.
He, like most economists in a Reuters poll earlier this week, expect the BoE to raise interest rates by a further half point to 2.25% at its next meeting in September.Two-year British government bond yields - which are sensitive to interest rate expectations - surged to their highest since June 21, when they had struck a 13-year high.
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