The UK inflation rate has hit double digits for the first time in 40 years today, according to new ONS statistics out today.

The 10.1 per cent price rise recorded for July is higher than analysts were predicting, and by October, inflation is now expected to reach 13 per cent. The Bank of England is predicting a recession by the end of the year.

Interestingly, the politicians and experts who not long so along were still reassuring us that inflation was simply “transitory” have gone distinctly quiet.

These latest figures have put paid to the theory that energy prices alone are causing inflation to soar. According to the ONS, they are responsible for around half of the 10.1 per cent rise.