UK July CPI Rises 2.9%, Driven by Gas Prices

The UK's Consumer Price Index (CPI) for July rose by 2.9% compared to the same month last year, marking a larger increase than in June. Gas and electricity prices pushed up the costs of housing and household services, while the transportation sector somewhat alleviated upward pressure. The July CPI increased by 2.9% year-on-year and by 0.3% month-on-month, with the annual increase rate rising from 2.6% in June to 2.9%. The core CPI rose by 2.6% year-on-year, slightly exceeding market expectations of 2.5%. Housing and household services prices surged from 1.2% in June to 4.6% in July. Gas prices increased by 14.7% in July, contrasting with a 7.2% decline in the same month last year. Electricity prices also rose by 3.6% in July. Transportation prices increased by 3.6% year-on-year, but the rate of increase was lower than the 5.7% seen in June. The rate of increase for food and non-alcoholic beverages decreased from 1.7% in June to 1.3% in July. The Producer Price Index (PPI) for July, released on the same day, rose by 4.9% over the year. Following the release of the data, the pound-dollar exchange rate rose by 0.16%, trading at $1.35514.

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