UK consumer price inflation accelerated unexpectedly in July, exceeding the Bank of England's 2 percent target, data from the Office for National Statistics revealed Wednesday.
Consumer prices climbed 2.1 percent year-on-year in July, faster than the 2 percent increase in June. Inflation was forecast to slow to 1.9 percent.
On a monthly basis, consumer prices remained flat, while prices were expected to drop 0.1 percent. The increase in inflation was driven by prices of games, hobbies and clothing and footwear. Meanwhile, downward contribution came from transport cost.
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