UK inflation continues to rise
Consumer price inflation in the UK accelerated to an annual rate of 4.4% in July from 4.2% in June, according to figures released today by the Office for National Statistics.
The ONS said higher footwear and clothing prices as well an increase in bank charges were some of the main reasons for rising prices in July.
The rise moves inflation closer to the Bank of England’s forecast of 5% by the end of the year.
On the year, clothes prices rose 3.1%. This is the largest increase since records began in 1997.
The main downward pressures came from food and non-alcoholic beverages with prices for these products rising by 0.3% between June and July this year. This compares with a rise of 1% in the previous year.
The Retail Prices Index (RPI) measure was unchanged at 5%.
