The Office for National Statistics (ONS) has published the latest Consumer Price Index (CPI) figures for July, revealing a 0.2% rise on the previous month. It currently sits above the Bank of England’s 2% target.
The largest upward pressures on the CPI increase were said to have come from transport, particularly air fares, as well as clothing and footwear.
The rate of inflation dropped to 2.4% in June, the CPI’s lowest level since November 2009, compared to 2.8% in May.
The Retail Price Index (RPI) for annual inflation stood at 3.2% last month, previously 2.8% in June, with the purchase of cars, air fares, clothing and footwear and housing said to be the major areas affecting the increase.
The ONS said the only significant downward pressure on RPI came from household goods.