The UK’s Office for National Statistics (ONS) announced on Wednesday that the consumer price index (CPI) was 10.1% higher in July than compared to the same month in the previous year, compared to 9.4% in June. experts heard by Wall Street Journal forecast an increase of 9.8%. That was the highest rate of inflation in more than four decades and the fastest rise in prices recorded in one of the rich G-7 countries since the current inflationary pressure began in early 2021.
From the previous month, prices rose 0.6%, above analysts’ forecast of 0.4%. The core CPI increased 6.2% in the comparison, while the expectation was for a rise of 6.0%.
July is unlikely to mark the peak of inflation in the UK, as domestic energy costs are expected to rise sharply when the price ceiling is lifted in October. The Bank of England (BoE) estimates that this could send the annual rate of inflation to 13% by the end of the year. Source: Dow Jones Newswires.
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