Inflation Rises for First Time This Year

Consumer Price Index (CPI) inflation rose to 2.2 percent in July, above the Bank of England’s (BoE) 2 percent target, the first increase this year after months of decline. The Office for National Statistics (ONS) confirmed on Wednesday that inflation had risen from 2 percent in June, with the BoE expecting it will continue to go up for the rest of 2024 before gradually falling again. The inflation figures mean that prices are rising faster than in previous months, with the main driver being a drop-off in the effect of falling energy bills. Grant Fitzner, chief economist at the ONS, said, “Inflation ticked up a little in July as although domestic energy costs fell, they fell by less than a year ago.”...