Annual inflation in the UK surged into double digits for the first time in 40 years, hitting 10.1% in July, according to the Office for National Statistics on Wednesday.

The figure is above market estimates of 9.8%.

The largest contributions to the rising inflation rate came from housing and household services, transport, and food and non-alcoholic beverages.

On a monthly basis, consumer prices were up 0.6%, below 0.8% in June.

Previously, the British central bank had projected that the inflation will hit over 13% before the end of 2022.