[Wed, 14 Aug 2024 16:05:58 +0300]

NABLUS August 14. 2024 (Saba) - UK inflation rose to 2.2 percent in July, data from the Office for National Statistics showed on Wednesday, slightly below expectations but still above the England’s Bank 2 percent target.

Economists polled by Reuters had forecast the headline consumer price index (CPI) rising to 2.3 percent.

Headline inflation was 2 percent in both May and June, in line with the Bank of England’s target rate.

The ONS attributed the increase to housing and household services, saying gas and electricity prices fell by less than they did a year ago.

The unemployment rate fell to 4.2 per cent during the period, from 4.4 per cent in the March-May period.

The data comes after the England earlier Bank this month cut interest rates for the first time in more than four years, taking its main rate to five per cent, having previously been held at a 16-year high of 5.25 per cent since August 2023.

J.A

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