UK inflation reaches 4-month high
Inflation in Britain rose to 2.9% in July, the highest level since March, driven primarily by a 13% increase in the cap on household energy prices, which was the main factor behind the acceleration of inflation. However, inflation for services and non-alcoholic foods has slowed, bolstering expectations that the Bank of England will not raise interest rates at this time. It is anticipated that inflation will peak at around 3.2% by the end of the year and remain above the target of 2%. The data suggest that falling ticket and oil prices, along with a weakening labor market, are helping to contain the spread of inflation into other sectors of the economy.
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