UK inflation reaches 40-year high

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STORY: Source: Office for National Statistics

Surging fuel and food prices pushed UK inflation to 9.4% in June

That's the highest since February 1982 and the highest seen in any G7 economy since 1985

Gas prices rose 42% year-on-year and food prices rose almost 10%

Source: The Resolution Foundation

Inflation for low-income families has already passed into double digits

Core inflation fell to 5.8% in June from 5.9% in May

And there are signs of further pressures ahead

Source: Office for National Statistics

Factories paid 24% more for materials and energy - a key determinant of prices later paid by consumers - in June than a year earlier

And prices charged by factories jumped 16.5%, the most since September 1977

The data bolstered bets that the Bank of England will opt for a 50-bps rate hike in August