![More inflation rises expected after first increase this year](https://cdn.magzter.com/1588175106/1723683211/articles/yU8BUYeid1723689586603/MORE-INFLATION-RISES-EXPECTED-AFTER-FIRST-INCREASE-THIS-YEAR.jpg)
Figures from the Office for National Statistics (ONS) showed that the government's preferred measure of the cost of living climbed again as domestic energy bills fell by less last month than in July 2023.
Gabriella Dickens, G7 economist at AXA Investment Managers, said July's rise was not a one-off. "The headline rate will rise again over the next few months, as the sharp declines in energy prices in 2023 are not repeated. We expect inflation to end the year marginally in excess of 2.5%," she said.
The Bank said earlier this month that it expected the consumer prices index measure of inflation would continue rising and peak at about 2.75% before falling back.
Despite the prospect of inflation continuing to rise in the coming months, July's increase was slightly smaller than the rise to 2.3% anticipated by the financial markets, and prompted speculation of possible back-to-back interest rate cuts when Threadneedle Street's monetary policy committee meets next month. Borrowing costs were cut from 5.25% to 5% this month.
Denne historien er fra August 15, 2024-utgaven av The Guardian.
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Denne historien er fra August 15, 2024-utgaven av The Guardian.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Wales made no excuses in Montenegro, says Davies
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Kane strikes gold twice to decorate his century
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The £30m 'bargain': Newey deal statement of intent from Aston
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England leave Lawrence out for tour of Pakistan
Essex's uncapped Cox to provide batting cover for three-Test series in October
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BMW shares fall after recall of 1.5m vehicles over problem with brakes
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Employment rights of Bolt drivers to be tested in tribunal
Drivers working for Bolt, the ridehailing app operator, are seeking to be classed as workers rather than selfemployed contractors in a London employment tribunal case.
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Apple told to pay Ireland €13bn in tax after losing EU court fight
Apple has lost a high-profile, €13bn (£11bn) Irish tax battle with Brussels in a decision that will bolster the European Commission's efforts to clamp down on favourable \"sweetheart\" tax deals for multinationals.
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'Flooded with trash' Rise in migration via Darién Gap creates pollution crisis
The Darién Gap's isolation has shielded the Indigenous communities who live there from the outside world for centuries.
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West Bank Israel says it is 'highly likely' that its troops killed activist
Israel's military has said it was highly likely its troops fired the shot that killed Ayşenur Ezgi Eygi, the American-Turkish woman killed at a protest in the occupied West Bank.
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At least 19 killed in airstrike on Gaza 'humanitarian zone'
Israeli airstrikes on al-Mawasi \"humanitarian zone\" in the Gaza Strip have killed at least 19 people and injured a further 60, according to witnesses and medical officials in the blockaded Palestinian territory.