It was widely expected that inflation would continue to rise, but July’s 10.1 percent reading has still managed to take some by surprise, as fears mount that the worst is still to come.

The UK consumer prices index (CPI) rose sharply from 9.4 percent in June, mainly due to high energy and food costs.

This is the highest peak for inflation since February 1982 – over 40 years ago now.

Then, The Jam was at the top of the charts with A Town Called Malice...