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UK inflation rises for the first time this year

Does this reduce the likelihood of a second base rate cut next month?

UK inflation rises for the first time this year

Annual inflation in the UK increased to 2.2% in July 2024, up from 2% in June, according to data released by the Office for National Statistics (ONS) on Wednesday.

The Consumer Price Index (CPI) fell by 0.2% on a monthly basis in July, compared with a decline of 0.4% during the same month last year.

The ONS reported that the largest upward pressure on the annual inflation rate came from housing and household services, where gas and electricity prices dropped by less than they did in 2023. In contrast, the biggest downward contribution was from the restaurant and hotel sector, where hotel prices fell this year after rising in the previous year.

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