The United Kingdom’s inflation increases for the first time since November 2017

    JN Fund Managers
    JN Fund Managers

    Earlier this month, the Bank of England (BoE) raised their policy rate from 0.5% to 0.75% and projected that inflation would rise to 2.6% in July before experi-encing a falloff. Additionally, the Central Bank stated that it expects inflation to fall to just above 2% target in two years’ time as it gradually raises borrowing costs. In line with the Central Bank’s predictions of increased inflationary pressures, the United Kingdom’s (UK) Inflation rate rose in July fuelled primarily by the increased cost of transportation and video games coupled with higher fuel prices. Annualized Headline Inflation climbed to 2.5% in July after holding steady at 2.4% for the previous three months, while Annualized Core Inflation, which excludes volatile commodities such as energy and food, stood at 1.9%, its lowest level since March 2017.

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