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UK inflation increases to 2.6%

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The UK consumer prices index has risen to 2.6 per cent in July, according to the Office for National Statistics.

The consumer prices index has risen by 0.2 per cent from 2.4 per cent in June. The retail prices index has risen to 3.2 per cent in July, up 0.4 per cent from 2.8 per cent in June.

Inflation has fallen markedly since its high in September 2011, but still remains well above the Bank of England’s 2 per cent target. CPI reached a record high of 5.2 per cent in September 2011 while RPI stood at 5.8 per cent in September 2011, its highest point since June 1991.

The largest upward pressures on the change in the CPI rate came from transport – in particular air fares – and clothing & footwear. The largest upward pressures on the change in the RPI rate came from the purchase of cars, air fares, clothing & footwear and housing. The only significant downward pressure came from household goods.

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