UK INFLATION PICKS UP – Annual consumer price inflation hit 2.9% in July from a 15-month low of 2.6% in June
UK inflation rose last month as expected to reach its highest rate since March, pushed higher by an increase in household energy bills after a 13% increase in a price cap set by regulator Ofgem.
Annual consumer price inflation rose to 2.9% in July from a 15-month low of 2.6% in June, the Office for National Statistics said.
Economists had widely expected to see a rise in inflation to 2.9%, although the Bank of England predicted a smaller rise to 2.8% in forecasts published at the end of last month.
Core inflation, which excludes the impact of energy and food prices, came in a little higher than expected at 2.6% rather than the 2.5% median poll prediction.
