Ammon News - Inflation rose to 3.8% in the year to July, the highest since January 2024, the latest figures from the Office for National Statistics (ONS) show.

While the inflation figure was slightly higher than experts expected, the Bank of England predicts it will reach a peak of 4% in September before beginning to fall back towards the Bank’s 2% target.

This increase was mainly driven by soaring air fares - which jumped by 30.2% - driven by higher school holiday prices - here's why. Meanwhile, food price inflation rose to 4.9% driven by higher prices for goods including beef, instant coffee and orange juice.

In the past five years to July, the price of food and non-alcoholic drinks rose by around 37%. BBC