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UK consumer price inflation edged back upwards in July, while producer prices also increased with an upward revision as well for June’s annual producer price inflation reading.
The Office for National Statistics reported that annual consumer price index inflation in the UK increased to 2.2% in July from 2.0% in June. However, this was short of the increase to 2.3% that had been expected by FXStreet-cited market consensus.
It marks the first time annual CPI inflation accelerated since December, when it increased to 4.0% from 3.9% in November.
‘The largest upward contribution to the monthly change in both CPIH and CPI annual rates came from housing and household services where prices of gas and electricity fell by less than they did last year,’ the ONS explained.
On a monthly basis, prices declined by 0.2% in July, compared to an increase of 0.1% in June from May.
CPI including owner occupiers’ housing costs, or CPIH, rose 3.1% on-year in July, accelerating from 2.8% in June.
Producer prices meanwhile rose 0.4% annually in July, up from flat in June, which had been upwardly revised from a previously reported decline of 0.4%.
On a monthly basis, producer input prices edged down by 0.1%, slowed from a contraction of 0.4% in June.
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