The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 6.4% in the 12 months to July 2023, down from 7.3% in June. On a monthly basis, CPIH fell by 0.3% in July 2023, whereas it rose by 0.6% in July 2022. The Consumer Prices Index (CPI) rose by 6.8% in the 12 months to July 2023, down from 7.9% in June. On a monthly basis, CPI fell by 0.4% in July 2023, compared with a rise of 0.6% in July 2022. Falling gas and electricity prices provided the largest downward contributions to the monthly change in CPIH and CPI annual rates; food prices rose in July 2023 but by less than in July 2022, also ... (full story)

U.K. headline inflation cooled sharply in July to an annual 6.8%, but the core consumer price index remained unchanged, posing a potential headache for the Bank of England. The headline CPI reading was in line with a consensus forecast among economists polled by Reuters, and follows the cooler-than-expected 7.9% figure of June. On a monthly basis, the headline CPI decreased by 0.4% versus a consensus forecast of -0.5%. However, core inflation — which excludes volatile energy, food, alcohol and tobacco prices — stayed 6.9%, unchanged from June and slightly above a consensus forecast of 6.8%. “Falling gas and ... (full story)