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UK's inflation slows down to 2% in July

UK's inflation slows down to 2% in July

Mubasher: The UK's inflation slowed down faster than expected in July, Bloomberg reported on Wednesday, citing official data.  

According to the Office for National Statistics (ONS), the consumer price index declined to 2% on an annual basis last month, compared to 2.5% in June.

The index falls to the Bank of England's (BoE) 2% target for the first time since April as the economy mostly reopens except for overseas travel. 

However, inflation is forecast to pick up faster, triggered by the costs of energy and shortages of goods and labour. 

Prices of clothing and footwear, as well as recreational foods and services, declined in July, while fuel prices hit the highest level since September 2013. 

Economists surveyed by Bloomberg expect inflation to drop to 2% by the end of 2022 from a peak of about 4% at the end of 2021.