KONTAN.CO.ID - LONDON. British inflation slowed as expected in July to its lowest annual rate since February 2022, although there were more signs of pressure in core and services prices that the Bank of England is watching closely, data showed on Wednesday. The Office for National Statistics (ONS) said annual consumer price inflation cooled to 6.8% from June's 7.9%, as the BoE and a Reuters poll of economists had predicted, moving further away from October's 41-year high of 11.1% but still far above the central bank's 2% target. Sterling rose slightly against the U.S. dollar on the back of the figures, which reinforced bets that the BoE will press on with its campaign of interest rate hikes.
UK Inflation Cools But Core, Services Surprise to Upside
KONTAN.CO.ID - LONDON. British inflation slowed as expected in July to its lowest annual rate since February 2022, although there were more signs of pressure in core and services prices that the Bank of England is watching closely, data showed on Wednesday. The Office for National Statistics (ONS) said annual consumer price inflation cooled to 6.8% from June's 7.9%, as the BoE and a Reuters poll of economists had predicted, moving further away from October's 41-year high of 11.1% but still far above the central bank's 2% target. Sterling rose slightly against the U.S. dollar on the back of the figures, which reinforced bets that the BoE will press on with its campaign of interest rate hikes.