UK consumer price inflation hit a 17-month low in July on easing energy prices but core inflation stayed unchanged and services cost inflation accelerated, strengthening the case for another interest rate hike in September.
Consumer price inflation slowed to 6.8 percent in July, as expected, from 7.9 percent in June, the Office for National Statistics reported Wednesday. This was the weakest since February 2022, when inflation was 6.2 percent.
Falling gas and electricity prices provided the largest downward contributions to the annual rate. Meanwhile, hotels and air travel were the classes that provided the largest offsetting upward contributions to the change.
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by Renju Jaya
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