{"id":7542,"date":"2024-08-14T07:28:41","date_gmt":"2024-08-14T07:28:41","guid":{"rendered":"https:\/\/news.godj.com\/news\/uk-inflation-rate-ticks-up-to-2-2-in-first-rise-this-year\/"},"modified":"2024-08-14T07:28:41","modified_gmt":"2024-08-14T07:28:41","slug":"uk-inflation-rate-ticks-up-to-2-2-in-first-rise-this-year","status":"publish","type":"post","link":"https:\/\/news.godj.com\/news\/uk-inflation-rate-ticks-up-to-2-2-in-first-rise-this-year\/","title":{"rendered":"UK inflation rate ticks up to 2.2% in first rise this year"},"content":{"rendered":"


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The UK’s inflation rate has risen for the first time this year, official figures show<\/a>. <\/p>\n

It means overall prices rose by 2.2% in the year to July, up from 2% in June, breaching the Bank of England’s target.<\/p>\n

However, an increase was widely predicted and is largely due to prices of gas and electricity falling by less than they did a year before.<\/p>\n

The Bank expects inflation to rise further this year before falling back again.<\/p>\n<\/div>\n

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Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: “Inflation ticked up a little in July as although domestic energy costs fell, they fell by less than a year ago.<\/p>\n

“This was partially offset by hotel costs, which fell in July after strong growth in June.”<\/p>\n

Inflation, which measures the rate at which prices rise, surged to 11.1% in the wake of the Ukraine war and pandemic-related supply chain crunches, driving up the cost of living for millions. <\/p>\n

But it had been steadily falling until June, as the Bank of England increased interest rates to a 15-year high to dampen consumer demand.<\/p>\n<\/div>\n

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However, Mr Fitzner told the BBC’s Today programme that “under the bonnet” price rises remained under control, with services inflation down in July and food prices unchanged. <\/p>\n

“This still suggests that inflation pressures at least in the short run are fairly moderate,” he said.<\/p>\n

The Bank of England is likely to factor in July’s rise in the inflation rate when it next votes on interest rates in September. <\/p>\n

Last month, it cut rates to 5% from 5.25% – the first reduction since the start of the pandemic – and experts have been predicting further cuts this year. <\/p>\n

Darren Jones, chief secretary to the Treasury, said that the new Labour government is “under no illusion” about the challenges still facing households.<\/p>\n

Shadow chancellor Jeremy Hunt said, however, that the new figures show that there is “more to be done to keep inflation down”. <\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK’s inflation rate has risen for the first time this year, official figures show. It means overall prices rose by 2.2% in the year to July, up from 2% in June, breaching the Bank of England’s target. However, an increase was widely predicted and is largely due to prices of gas and electricity falling […]<\/p>\n","protected":false},"author":1,"featured_media":7543,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[67],"tags":[916,308,432,4275,653],"class_list":["post-7542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-inflation","tag-rate","tag-rise","tag-ticks","tag-year"],"_links":{"self":[{"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/posts\/7542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/comments?post=7542"}],"version-history":[{"count":1,"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/posts\/7542\/revisions"}],"predecessor-version":[{"id":7544,"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/posts\/7542\/revisions\/7544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/media\/7543"}],"wp:attachment":[{"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/media?parent=7542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/categories?post=7542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.godj.com\/news\/wp-json\/wp\/v2\/tags?post=7542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}