Inflation GettyImages-1011310720

The UK’s rate of inflation jumped to 10.1% in July, the first time it has registered a double-digit annual increase in more than four decades (The Financial Times £).

The reading exceeded the 9.8% forecast from City economists, as the cost of food and drink rose at the highest rates since 2008 amid a broad-based inflationary burst across the economy (The Guardian).

Milk, flour and butter are among the everyday household items to have become more expensive amid soaring inflation, figures have revealed (The Times £). The average cost of a pint of milk has increased by 17p in the last year alone, a 40.5% increase, Office for National Statistics data showed.

Britain is on course to suffer the highest inflation in the rich world later this year, with an annual rate of 13.3% forecast in October when the energy price cap rises (The Times £).

Britain’s first double-digit inflation in more than four decades has cast doubts on the plausibility of the tax cuts being promised by Liz Truss and Rishi Sunak during their leadership battle, one of the UK’s leading thinktanks has said (The Guardian).

Fruit and vegetables on the shelves will be smaller and look different as the summer’s hot and dry weather hits crops, experts say (BBC News). The National Farmers Union (NFU) wants supermarkets to accept more “wonky” produce and be flexible with growers.

A business editorial in The Mail says “Haleon is just the latest in a line of IPO flops damaging the reputation of the London Stock Exchange”.

More than 23 million people in the UK used virtually no cash last year, while notes and coins will account for just 6% of payments within a decade, a report predicts (The Guardian).