UK inflation held steady in June as price rises across the country stayed at the Bank of England’s target level for the second month running,…
UK inflation held steady in June as price rises across the country stayed at the Bank of England’s target level for the second month running, according to official figures.
June’s rate came in slightly ahead of expectations, as some analysts were predicting it to dip below target to 1.9%.The latest data showed that prices in restaurants and hotels rose more than a year ago, putting upward pressure on the headline inflation rate. Hotel prices soared by 8.8% compared with the previous month, the ONS said.But prices of clothing and footwear fell last month, which helped bring down the overall rate.
Services CPI inflation – which looks only at services-related categories like hospitality and culture and is watched closely by the Bank’s interest rate-setters – was unchanged at 5.7% in June. “Stickiness in services inflation – a key measure of domestic inflationary pressures – lowers the likelihood of an August rate reduction,” she said, “All eyes will be on Thursday’s wage data to see whether it will spur a summer rate cut by the Monetary Policy Committee.”
Meanwhile, June’s official inflation data is the first to be released since the UK welcomed a new Government at the beginning of this month.
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