BBC
Inflation rate rises for first time this year to 2.2%
Economy
Finance
The UK inflation rate has risen for the first time since December, ticking up to 2.2% in the year to July.
2024-08-14 09:00:08
Economy
Inflation
Business
UK Inflation Rises to 2.2% in July, Below Expectations
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The UK's Consumer Price Index (CPI) rose by 2.2% YoY in July, falling short of the 2.3% forecast by Reuters. This is the first increase since December and puts inflation back above the Bank of England's 2% target.
The central bank expects inflation to peak at 2.75% by the end of the year before returning to 2% in 2026. The service sector inflation rate slowed significantly, while core inflation fell to 3.3%. The weaker-than-expected inflation data led to a sharp decline in the pound against the dollar.
The Bank of England had previously indicated that May and June marked the low point of inflation. The inflation rate in the service sector dropped to 5.2% in July, the lowest level since June 2022. The central bank expects inflation to pick up to nearly 3% later this year before cooling again in 2025. The UK's inflation rise comes as France's inflation rate climbs to 2.3% in July, and India's wholesale prices rise 2.04% YoY in July.
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India's July wholesale prices rise 2.04% on year
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The wholesale price index rose 2.04% in July from a year earlier, compared with a 3.36% rise in June.
CNBC
UK inflation rose to 2.2% in July, back above Bank of England's 2% target
Economy
Finance
Politics
UK inflation rose to 2.2% in July, above the Bank of England's 2% target. The data comes after the central bank cut rates in August 2023, with uncertainty around future policy decisions. Shoppers were seen on the high street in Rochester, UK.
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