Official figures show that the underlying rate of inflation remained at 2.2% last month. The key index, used by the Bank of England to set interest rates, which excludes mortgage payments, remained at the June figure of 2.2%, but is still well below the Government’s target rate of 2.5%. The steadying of inflation makes it less likely that the Bank of England will move to raise interest rates in September.
According to figures released by the Office of National Statistics, the headline rate of inflation for July also remained the same as the previous month, at 3.3%. June’s figure was the highest headline rate for two years. It is thought that rising petrol prices were partly responsible.
The Retail Prices Index was 170.5.
Subscribers can access RPI trends by selecting “Encyclomedia” from the drop-down box at the top of this page.
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