UK headline inflation rate remains unchanged at 2%
Britain’s annual inflation rate remained unchanged at 2% last month – as the key economic indicator hit the government’s target for a second consecutive month.
The latest figures from the Office for National Statistics (ONS) showed no fresh easing in cost of living pressures.
The consensus in the financial markets had been for a fall to 1.9% last month.
The inflation figures for June will be the last before the Bank of England decides on 1 August whether to cut interest rates – which stand at 5.25% – for the first time in a year.
Threadneedle Street’s rate setters on its nine-strong monetary policy committee expect inflation to rise to 2.5% in the second half of 2024 before falling back below the official 2% target.
More details to follow …
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