Inflation & Prices
UK Inflation Rises Less Than Expected to 2.2%
- CPI increases 2.2% in July, less than 2.3% economists forecast
- Data seen as supporting further easing by British central bank
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UK inflation increased less than economists and the Bank of England had expected, prompting traders to bring forward bets on the pace of interest-rate cuts in the coming months.
The Consumer Prices Index rose 2.2% in July, the Office for National Statistics said Wednesday, lower than the 2.3% expected by economists. Services inflation — watched closely by policymakers for signs of persistent domestic price pressures — posted the lowest reading in more than two years.