AFP, London :
Britain’s inflation rate accelerated last month on higher transport costs, as workers’ wages continued to lose purchase power, official data showed Wednesday.
The Consumer Prices Index (CPI) 12-month rate picked up speed to 2.5 percent in July after 2.4 percent in June, the Office for National Statistics (ONS) said in a statement.
The news came almost two weeks after the Bank of England (BoE) hiked its main interest rate by a quarter-point to 0.75 percent to tame high inflation.
The CPI reading, which met market expectations, marked the first increase since November 2017.
“Transport tickets and fuel, along with often erratic computer game prices, drove up costs for consumers,” said ONS inflation chief Mike Hardie.
“On the other hand, there was a drop in prices for women’s clothing and footwear, and some financial services.”
The CPI figure has held above the BoE’s official 2.0-percent target range for 18 months as Brexit uncertainty weighs on the pound, pushing up the cost of imported goods.
Britain’s inflation rate accelerated last month on higher transport costs, as workers’ wages continued to lose purchase power, official data showed Wednesday.
The Consumer Prices Index (CPI) 12-month rate picked up speed to 2.5 percent in July after 2.4 percent in June, the Office for National Statistics (ONS) said in a statement.
The news came almost two weeks after the Bank of England (BoE) hiked its main interest rate by a quarter-point to 0.75 percent to tame high inflation.
The CPI reading, which met market expectations, marked the first increase since November 2017.
“Transport tickets and fuel, along with often erratic computer game prices, drove up costs for consumers,” said ONS inflation chief Mike Hardie.
“On the other hand, there was a drop in prices for women’s clothing and footwear, and some financial services.”
The CPI figure has held above the BoE’s official 2.0-percent target range for 18 months as Brexit uncertainty weighs on the pound, pushing up the cost of imported goods.
