UK INFLATION RISES TO HIGHEST SINCE JANUARY 2024- Office for National Statistics says the core rate climbed from 3.5% to 3.7% 

Britain’s annual rate of consumer price inflation unexpectedly rose to its highest in over a year at 3.6% in June, official figures showed on Wednesday.

June’s reading from the Office for National Statistics took the annual CPI rate to its highest since January 2024. According to the Office for National Statistics (ONS), the core rate, which excludes volatile food and energy costs, was also higher than expected, climbing to 3.7% from 3.5%.

The ONS also stated that the rising cost of motor fuels was the most significant contributor to the jump in CPI. Food inflation has  further increased for a third month in a row to its highest level in more than a year at 4.5%, 

ONS acting chief economist Richard Heys said: “Inflation ticked up in June, driven mainly by motor fuel prices, which fell only slightly, compared with a much larger decrease at this time last year.