UK annual inflation surged to 2.2% in July -Official

British annual inflation rose back above the Bank of England’s target in July, official data showed on Wednesday.

The Consumer Prices Index rose 2.2 per cent last month, compared with a 2.0-per cent gain in June, the Office for National Statistics said in a statement

It means overall prices are rising faster than the Bank of England’s 2 per cent target, although an increase was widely predicted.

The rise is largely due to prices of gas and electricity falling by less than they did last year.

The Bank expects inflation to rise further this year before falling back again.

AFP

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