Bank of England faces rising inflation

New figures from the Office for National Statistics have thrown cold water on the idea that the Bank of England might actually lower interest rates further this autumn after the underlying retail prices index excluding mortgages (RPIX) gained 0.5% in July to hit 2%, closing in on the government's 2.5% target. The new figures come as the US Federal Reserve bank today meets to discuss interest rates there in the context of recent figures showing slower than expected GDP growth. A US interest rate cut looks more likely, but the ONS figures here may have eliminated any chance of t...