The immediate details show that there are some volatile factors leading to the increase in price pressures in July. ONS notes that transport prices in particular were a big driver of that, largely due to a surge in airfares and hotels. On that, the UK stats office argues that it could be possibly influenced by the timing of school summer holidays.
Even so, there are other concerning details in the report to be wary of. In core terms, annual services inflation crept back up to 5.0% - up from 4.7% in June. And food price inflation moved up to 4.9% in July, up from 4.5% in June, to its highest since February last year:
And if anything else, all of this will continue to bolster the idea of stagflation risks for the BOE towards the end of the year.
This article was written by Justin Low at investinglive.com.Hence then, the article about latest uk inflation data puts the boe in an even tougher spot was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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