UK Inflation Remains Stable, Surpassing Expectations by Hitting Bank of England's 2% Target
Money | July 17, 2024, 3:44 a.m.
In June, U.K. inflation stayed steady at the Bank of England's target of 2%, according to Official National Statistics data. This figure was slightly higher than expected by analysts and matched the previous month's reading of 2%. Services inflation maintained at 5.7%, a significant factor due to its impact on the U.K. economy. Core inflation, excluding certain items, also remained at 3.5%. The increase in restaurant and hotel prices contributed to upward pressure on inflation, while clothing and footwear costs decreased. Consumers are shown to be spending more on leisure activities during the summer, including cultural experiences and concerts featuring artists like Taylor Swift and Bruce Springsteen. The data shows stability in inflation levels, providing valuable insights for policymakers and analysts monitoring the U.K. economy.