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UK inflation rises in July as gas bills drive renewed price pressure
Furniture and household goods prices increased 1.0% year on year in July after a 0.2% decline in June, highlighting uneven but broadening cost growth.
UK inflation rose in July, driven by higher gas bills, as Britain’s cost-of-living pressures continued to weigh on households and policy makers. The Guardian Business said the renewed inflation lift also comes amid expectations that energy costs will keep feeding through to consumer bills later in the year. The outlet also noted that the Bank of England held its benchmark interest rate at 3.75% last month even though inflation was above its 2% target. Analysts quoted in the coverage expect inflation to rise further toward year end, with no clear progress on efforts to end the Middle East war. According to the UK statistics office cited by the Guardian Business, prices of furniture and household goods rose 1.0% year on year in July, following an annual fall of 0.2% in June. On a monthly basis, furniture and furnishings fell in July versus June, but by less than in the prior year period, while clothing and footwear prices rose 0.5% in July after a 0.5% decline the month before.