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STORY: Prices are surging even higher in the UK.

The country’s inflation rate jumped to 10.1% in July.

That’s above all economist forecasts, and the fastest rate since February 1982.

Surging energy prices were the main driver.

They’ve jumped since the start of conflict in Ukraine.

It all has the Bank of England predicting a long but shallow recession.

Some economists see parallels with the 1970s.

Back then Britain also faced stubborn inflation, a cost-of-living crisis and mounting worker unrest.

Older Britons still remember the period of power cuts and shortages.

But historian Alwyn Turner says political memories aren’t so long:

"I think our problem now is a lack of knowledge. We don't have anybody around in politics who can remember what it was like with inflation - certainly not in office, and many of them not at all, because this is quite a young generation of politicians we have right now.”

In the early 1970s a Conservative government tried to boost growth, but instead stoked inflation.

An energy crisis led to talk of limits on home heating.

Now the contenders to replace Boris Johnson as Prime Minister face a similar dilemma.

Liz Truss says tax cuts are the best way to help.

Rival Rishi Sunak says right now that would only make inflation worse.

One of the two will win the top job in September - and get the chance to see if their remedy is the right one.