Annual inflation rose to 2.3% in July, the highest rate since the Office of National Statistics (ONS) started tracking it in 1997, it was revealed today.
The largest upward effect on the Consumer Price Index (CPI) annual rate came from transport, with petrol pump prices rising this year, reflecting movements in crude oil prices, compared with falls a year ago. There were also upward contributions from air and sea travel, says the ONS. Meanwhile the Retail Price Index (RPI) inflation rate remained unchanged in July. Upward influences were similar to those for the CPI but there were additional downward influences from housing components excluded from the CPI. Mortgage interest payments showed a larger increase a year ago following last June...
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