British inflation looks set to hit 4% next month, double the Bank of England's target and a level likely to add to nervousness at the central bank about the risk of price growth getting stuck at a stubbornly high rate.

Consumer prices were 3.8% higher in July than the same month last year, as annual inflation rose to an 18-month high in the U.K.

UK inflation was undoubtedly hot in July, but as ever, the devil lies in the detail.