UK inflation heat puts Bank of England
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13hon MSN
Sharp rise in airfare and food costs pushed UK inflation higher in July, denting rate cut hopes
Higher food and airfare prices pushed U.K. inflation above expectations in July, official figures showed Wednesday, which has tempered market expectations that the Bank of England will cut interest rates again this year.
The chancellor will have a particular eye on food inflation because people are especially sensitive to grocery price rises. At 4.9%, it’s the highest since February 2024, driven
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