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MNI (LONDON) - UK headline inflation edged higher in July, but at a slower pace than expected by both financial markets and the Bank of England.
Prices rose 2.2% y/y, up from 2.0% in June but below an expected 2.3%. Core inflation fell to 3.3%, the lowest since September 2021, while services inflation, closely watched by the Bank, fell to 5.2% -- a two year low.
“Inflation ticked up a little in July as although domestic energy costs fell, they fell by less than a year ago," ONS Chief Economist Grant Fitzner said, noting a partial offset by hotel costs "which fell in July after strong growth in June."
The data will not be a game changer for policymakers at the Bank, with headline higher but in line with expected. However, lower core and services inflation will certainly make an easier case for the doves in coming months.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.