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That is our forecast that we get to exactly 10% year—on—year injuly and some of our fellow economists don't think it is quite that bad they say nine point 8% perhaps but 9.8, ten, these are incredible figures that even a few months ago we would have found hard to believe. yesterday we had the labour market numbers and the wages and they were up as well. so 10% inflation and wages at 5% that is a painful situation for uk households. we 5% that is a painful situation for uk households.- 596 that is a painful situation for uk households. we saw the bank of england _ for uk households. we saw ...

Is very high, the later —— labour market is very tight and that adds to pressure on business.- to pressure on business. and the inflation rate _ to pressure on business. and the inflation rate of— to pressure on business. and the inflation rate of course, - to pressure on business. and the inflation rate of course, varies, l inflation rate of course, varies, depending on an individual households circumstances. yes. depending on an individual households circumstances. yes, it did and we — households circumstances. yes, it did and we published _ households circumstances. yes, it did and ...

Haven't been able to say that in a really long time because of the numbers you're seeing on your screen there, because of gas prices. and the chart for ppi, the factory level inflation, very clearly shows a rounding out even more clearly than on the consumer inflation number that we saw. these are two numbers this week that i think are pretty encouraging, taken with the jobs report, from last week, it shows you an economy that is still strong for people who are in the job market, but for consumers, runaway inflation seems to be cooling. we were joke earlier, to say 9.8% is good news, i never w...

And don't forget to download the "5 things" podcast every morning, just go to cnn.com/5things. just in, a few minutes ago, a key inflation measure, another one, has been released. chief business correspondent christine romans here. what do the numbers say? >> it is a rare reprieve in this runaway inflation story again, john. producer prices fell from june to july. 0.5%. fell, we haven't been able to say something like that in months. the overall inflation rate, the factory level inflation rate at 9.8%, much cooler than expected. we look at a line chart of what that looks like. you can see it...

To be getting more expensive. what level is food inflation running at?" according to the latest data from the ons. — according to the latest data from the ons, it's running at 9.8%, marginally higher than the overall rate of— marginally higher than the overall rate of inflation. things like dairy. — rate of inflation. things like dairy, like milk, cheese, and eggs is causing — dairy, like milk, cheese, and eggs is causing a — dairy, like milk, cheese, and eggs is causing a big drive in prices, but also — is causing a big drive in prices, but also vegetables and meat, a law in the _...