The UK’s Consumer Price Index (CPI), which measures inflation, rose by 2.9% in July, according to data released by the Office for National Statistics (ONS) on Wednesday morning, August 19. This figure is higher than the June reading of 2.6% and in line with expectations. On a monthly basis, the CPI rose by 0.3% in June, following a 0.1% increase in May.

The core CPI, which excludes food, energy, alcohol, and tobacco prices, remained unchanged at 2.6% in July, the same as in June (compared to expectations of 2.5%).