Inflation in the UK held steady at the Bank of England’s target rate of 2% in the year to June, official figures showed Wednesday, in a development that could be enough for policymakers to cut borrowing costs next month.
Some policymakers are still concerned over the scale of price rises in the crucial services sector and the pace of wage increases. Photo: Pexels
Inflation in the UK held steady at the Bank of England’s target rate of 2 per cent in the year to June, official figures showed Wednesday, in a development that could be enough for policymakers to cut borrowing costs next month.
The Office for National Statistics said the largest upward contribution to the annualized inflation rate came from restaurants and hotels, with some economists attributing the increases to Taylor Swift’s tour of the U.K. The biggest downward contribution came from clothing and footwear, with widespread sales during the month.
The flat reading compared to June a year ago was a tad higher than expected.
