Office for National Statistics figures due for release are expected to show UK consumer price inflation rose to 3.7% in July, up from 3.6% in June. Accelerating food and energy prices are cited as key drivers of the inflation increase. School holidays and higher travel costs added further upward pressure on prices. Some commentators attribute part of the surge to the April increase in employers' national insurance. A possible spike in hotel prices is also likely to have pushed up the Consumer Prices Index. Investec forecasts July RPI at 4.5%, implying higher regulated rail fares.
Economists believe figures out today will show that prices in the UK rose more quickly last month as food shopping bills remained high and school holidays pushed up travel costs. The Office for National Statistics (ONS) is set to release the latest inflation numbers at 7am. The rate of Consumer Prices Index (CPI) inflation is widely expected to have increased to 3.7 per cent in July, from the 3.6 per cent recorded in June.
The Bank of England says accelerating food and energy prices have been key drivers in the rise in inflation, and some commentators blame the increase in employers' national insurance that came into force in April for a surge in consumer prices. Experts have also pointed to a possible spike in hotel prices helping drive up CPI inflation. July's Retail Prices Index (RPI) measure of inflation will also be announced on Wednesday.
Collection
[
|
...
]