UK annual CPI inflation rises to 2.2% in July, back above BoE's 2.0% target
The United Kingdom (UK) Consumer Price Index (CPI) rose at an annual rate of 2.2% in July after increasing by 2.0% in June, data released by the Office for National Statistics (ONS) showed on Wednesday.
The reading came in below the market expectations of a 2.3% growth, moving back above the Bank of England’s (BoE) 2.0% target.
Core CPI (excluding volatile food and energy items) advanced 3.3% YoY in July, compared to a 3.5% increment in June while below the market consensus of 3.4%.
The UK July Services CPI inflation fell sharply to 5.2% YoY in July versus June’s 5.7%, still above the 5.0% level.
Meanwhile, the UK Consumer Price Index decreased by 0.2% MoM in July, having registered a 0.1% acceleration in June.
The UK CPI data smashes the Pound Sterling, as the GBP/USD pair drops toward 1.2800. The pair is trading 0.23% lower on the day near 1.2825, as of writing.
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