China News Service, August 17. According to a Reuters report, data released by the Office for National Statistics on the 17th local time showed that the country's consumer price index (CPI) rose 10.1% year-on-year in July, hitting a new high since February 1982.
Data map: People are walking on the Millennium Bridge in London.
The increase was higher than all economists polled by Reuters had expected for inflation to rise to 9.8 percent in July and did little to ease the Bank of England's fears that price pressures may be ingrained.
In addition, the data also showed that after adjusting for non-seasonal factors, prices in July rose 0.6% from June, and retail prices rose 12.3% year-on-year, the highest level since March 1981.
The Chancellor of the Exchequer responded, "Controlling inflation is my top priority and we are taking action to boost productivity and growth through strong, independent monetary policy, responsible tax and spending decisions, and reforms."