UK inflation rises to 0.6% in July; Economists predict jump to 3% in 2017

The UK Consumer Prices Index (CPI) rose by 0.6% for the year to July, the highest level since November 2014, continuing its upwards trend after rising 0.5% in June, and 0.3% reported in May. The ONS said the main contributors to the increase in the rate were rising prices for motor fuels, alcoholic beverages and accommodation services, and a smaller fall in food prices than a year ago. Downward pressures came from falls in social housing rent, and falling prices for certain games and toys. Economists widely expected the inflation figure to be unchanged from 0.5%. Meanwhile, the ...