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UK consumer price inflation soared to an annual pace of 2.5% in June, the highest rate since August 2018, far outpacing the 2.2% expected by analysts, and come after a 2.1% gain in May, the Office for National Statistics said Wednesday. Prices rose across the board, with the biggest upward contribution coming from transport, which accounted for 0.11 percentage points of the change in CPI.

As has been the case in the U.S., surging prices for second-hand cars (+4.4% m/m, +5.6% y/y) provided a lift to inflation, as commuters looked for alternatives to public transport, according to a national statistician. Food prices prices added another 0.07 percentage points, matching the contribution of restaurants and hotels, while clothing and footwear added 0.06pp. Excluding food and energy, core CPI stretched to 2.3% from 2.0% in May, the fastest pace since March of 2018.

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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