Annual July rate all but rules out possibility of a further Bank of England interest rate cut this year
UK inflation rose again last month to a higher-than-expected 3.8% amid higher food prices and travel costs, adding to fears that the Bank of England will delay further interest rate cuts.
Figures showed the annual rate as measured by the consumer prices index climbed from June’s 3.6% reading, sitting above the central bank’s 2% target for the 10th consecutive month.