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UK consumer inflation slightly accelerates in July

UK consumer inflation slightly accelerates in July

Mubasher: The UK’s consumer price index (CPI), the headline gauge for the country’s inflation, ticked up to 2.1% year-on-year in July, from 2% in June, according to official data released on Wednesday.

The price index, covering the costs of owner occupiers’ housing, (CPIH) 12-month rate, edged up to 2% last July, compared with 1.9% recorded in the previous month, the Office for National Statistics (ONS) said.

Price gains for games, toys and hobbies as well as accommodation services upwardly contributed to the change of the CPIH.

Meanwhile, transportation services capped the rising index, along with a slight decline in prices of clothes, footwear and costs of the financial services.

By 8:46 am GMT, the GBP/USD pair went up by 0.10% to $1.2072, while the EUR/GBP pair stood still at GBP 0.9263.