Official data released on Wednesday revealed that British annual inflation surpassed the Bank of England’s target in July. According to the Office for National Statistics, the Consumer Prices Index increased by 2.2 percent last month, up from a 2.0 percent rise in June.
This indicates that overall prices are growing faster than the Bank of England’s 2 percent target, though such an increase had been anticipated. The uptick is mainly attributed to gas and electricity prices declining less than they did a year ago.
The Bank of England forecasts that inflation will continue to climb further this year before eventually decreasing.