UK consumer prices grew at the sharpest pace in four decades in June and factory gate inflation hit the highest since 1977, raising prospects of a 50 basis point rate hike by the Bank of England at its August meeting.
Consumer price inflation accelerated more-than-expected to 9.4 percent in June on rising motor fuel and food prices, the Office for National Statistics said Wednesday. Inflation was forecast to rise to 9.3 percent from 9.1 percent in May.
Inflation was the highest since early 1982. The BoE forecast inflation to peak slightly above 11.0 percent in October.
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by Renju Jaya
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