Inflation highest since January 2024; core inflation rate, which excludes food and energy, was also higher than expected
The annual inflation rate in the UK unexpectedly rose to 3.6% in June from 3.4% in May on higher food and transport costs, in particular fuel where prices fell by less than last year.
The core rate, which excludes volatile food and energy costs, was also higher than expected, climbing to 3.7% from 3.5%, according to the Office for National Statistics.
Inflation ticked up in June driven mainly by motor fuel prices which fell only slightly, compared with a much larger decrease at this time last year. Food price inflation has increased for the third consecutive month to its highest annual rate since February of last year. However, it remains well below the peak seen in early 2023.
Continue reading…Inflation highest since January 2024; core inflation rate, which excludes food and energy, was also higher than expectedThe annual inflation rate in the UK unexpectedly rose to 3.6% in June from 3.4% in May on higher food and transport costs, in particular fuel where prices fell by less than last year.The core rate, which excludes volatile food and energy costs, was also higher than expected, climbing to 3.7% from 3.5%, according to the Office for National Statistics.Inflation ticked up in June driven mainly by motor fuel prices which fell only slightly, compared with a much larger decrease at this time last year. Food price inflation has increased for the third consecutive month to its highest annual rate since February of last year. However, it remains well below the peak seen in early 2023. Continue reading…
