18th Sep 2024 07:15
(Alliance News) - UK annual consumer price inflation remained at 2.2% last month, though services price growth picked up, reinforcing expectations that the Bank of England will leave rates unmoved later this week.
Numbers from the Office for National Statistics on Wednesday showed the annual rate of consumer price inflation landed in lien with the FXStreet cited consensus of 2.2%. In July, the pace of consumer price growth picked up to 2.2% from 2.0% in June and May. The Bank of England has a 2.0% inflation target.
On-month, consumer prices rose 0.3%, following a 0.2% fall in July from June.
On-year, core consumer prices rose 3.6% in August, picking up speed from 3.3% in July and beating consensus of 3.5%.
Meanwhile, services prices rose 5.6% on-year in August, accelerating from 5.2% in July. Stubborn services price growth has been in focus in recent months.
Separate figures showed producer prices declined 1.2% on-year last month, after a 0.2% rise in July.
On a monthly basis, they fell 0.5% in August from July. They had fallen 0.3% in July from June.
By Eric Cunha, Alliance News news editor
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