Economic Buzz: UK inflation up from 2.6% to 2.9% in July

The annual inflation rate in the United Kingdom came in at 2.9% in July, up from 2.6% in June, the Office for National Statistics (ONS) said in its report published on Wednesday. Month-over-month, Consumer Price Index (CPI) was up by 0.3%.

The Consumer Prices Index including owner occupiers' housing costs (CPIH) climbed by 3.1% year-on-year, compared with 2.8% in May, and advanced by 0.3% on a monthly basis. The CPI excluding food, energy, alcohol, and tobacco increased by 2.6% annually, unchanged from June's figure. CPI goods inflation rose to 2.2% from 1.7%, while services inflation declined to 3.4% from 3.6%.

Housing and household services, and furniture made the largest upward contributions to the monthly change in both CPIH and CPI annual rates; transport made the largest, partially offsetting, downward contribution, the ONS said.

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