Core inflation in Britain rises above expectations in July

The Office for National Statistics said annual consumer price inflation in Britain eased to 6.8% in July from 7.9% in June, while core inflation excluding energy and food prices remained at 6.9% in July, above expectations of 6.8%.

Services inflation, which mostly reflects domestic inflation pressure from wages, rose to 7.4% in July from 7.2% in June.

Gasoline and diesel prices, which are down 25% from a year ago, were another big drag on inflation. Sugar prices rose 55% and transportation insurance costs rose 50%, the biggest increase since records began in the late 1980s.

Sponsored by Trade View