The underlying rate of inflation rose to 2.2% last month, according to official figures. The key index, used by the Bank of England to set interest rates, which excludes mortgage payments, rose from 2.0% in May to 2.2% in June, but is still well below the Government’s target rate of 2.5%. The increase is seen as the result of the rising cost of oil.
The headline rate of inflation for June rose to 3.3%, compared to 3.0% in May, according to figures released by the Office of National Statistics, and is the highest headline rate for two years.
The Retail Prices Index was 168.4.
Subscribers can access RPI trends by selecting “Encyclomedia” from the drop-down box at the top of this page.
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