June UK inflation stays at 2.0%

By Aya El Sayed On Jul 17, 2024

Variegated tulips planted in flower beds opposite the Bank of England in the City of London on 7th May 2024 in London, United Kingdom. Mike Kemp | In Pictures | Getty Images

British inflation remained steady at 2.0 per cent last month, official data released on Wednesday revealed.

Economists polled by Reuters had mostly expected consumer price inflation to ease to 1.9 per cent for the 12 months to June, down from May’s 2.0 per cent.

This marks the first time inflation has hit the Bank of England’s (BoE) target in nearly three years.

The BoE will announce its interest rate decision on August 1, with investors predicting a 50 per cent chance of the first rate cut since 2020.

Attribution: Reuters.