The Consumer Price Index (CPI), a measure of UK inflation, rose to 3.6% year-on-year in June, according to data released by the Office for National Statistics (ONS) this morning, Wednesday, July 16, after rising 3.4% in May, exceeding market expectations of 3.4%.
On a monthly basis, the CPI rose 0.3% in June, compared to a rise of approximately 0.1% in June.
The core CPI, which excludes food, energy, alcohol, and tobacco prices, rose to 3.7% in June from 3.5%, compared to expectations of a 3.5% increase.
In detail, the annual rate of commodity prices rose from 2% to 2.4%. Food prices rose for the third consecutive month, recording their highest annual level since February of last year, while the annual rate of service prices remained stable at 4.7%.