U.K. Inflation Accelerates as Pound Drop Boosts Import Costs
- Import prices rise annual 6.5%, most since December 2011
- ONS says weaker pound starting to boost manufacturers’ costs
The Historical Risks of Being Short Sterling
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U.K. inflation accelerated in July and there were signs the weak pound will fuel further price pressures with import costs jumping the most in more than four years.
Consumer-price growth picked up to 0.6 percent from 0.5 percent in June, the Office of National Statistics said in London on Tuesday. Economists had forecast that it would stay at 0.5 percent, according to the median estimate in a Bloomberg survey. Input costs surged an annual 4.3 percent last month, ending 32 consecutive declines, while import prices jumped the most since 2011.