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UK inflation holds steady at 2% in June

Written by Dan McGrath
17/07/2024

UK inflation rose by 2% in the 12 months to June, holding steady at the Bank of England’s (BoE) target for the second consecutive month.

The Office for National Statistics (ONS) has reported that the consumer price index (CPI) also grew by 0.1% month-on-month, which is the same rate as in June 2023.

The ONS said that the largest upward contribution to the monthly CPI rate change came from restaurants and hotels, where prices of the latter increased by more than a year ago, with clothing and footwear being the largest downward contributor, with prices of garment falling this year, after a rise in 2023.

Across core CPI, the goods annual rate fell from -1.3% to -1.4%, while the services annual remained at 5.7%.

Despite inflation consecutively remaining at 2%, analysts have noted that 48% of investors believe that inflation will rise again over the next six months.



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