UK inflation accelerated more than expected last month to the highest in 40 years, intensifying a squeeze on consumers and adding to pressure for action from the government and Bank of England.

Inflation in the United Kingdom is expected to peak within months, and the economy could enter a long recession once it hits.

The level is higher than forecast with experts thinking it would stay below 10%

Eurozone government bond yields rose yesterday as double-digit UK inflation data shifted investors’ focus back to potential further monetary tightening in the euro area.

There is not such a big difference between the 9.8 per cent rate of inflation that was forecast for today and the actual rate of 10.1 per cent. Psychologically, however, a double-digit increase in the cost of living — the first since 1982 — feels much worse. This is the…

European markets took a turn for the worse after a double-digit UK inflation reading went above market expectations, prompting stark warnings over the cost-of-living crisis and a possible recession.