Inflation hits 2.9% in June as price pressures continue

clock

UK CPI inflation rose from 2.7% to 2.9% in June, with the largest upward contributions coming from petrol, clothing and footwear.

The rise, while below economists' expectations of a rise to 3%, continues a gradual creep higher in the inflation rate seen in recent months. But the number means new Bank of England governor Mark Carney (pictured) will be spared having to write to the Chancellor explaining why inflation is one percentage point above its target 2% level. Core CPI inflation, meanwhile, rose slightly from 2.2% to 2.3% on the month. But economists expect price pressures will start to subside from here. "Looking ahead, it seems likely that June's inflation figure will represent this year's peak. Indeed...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Gilt yields fall after Donald Trump backs down in 'tariff war'

Gilt yields fall after Donald Trump backs down in 'tariff war'

US president pauses most additional tariffs

Jonathan Stapleton
clock 10 April 2025 • 2 min read
Reeves defends yearly Budget to avoid 'constant chopping and changing'

Reeves defends yearly Budget to avoid 'constant chopping and changing'

Treasury Committee scrutinises chancellor on Spring Statement

Isabel Baxter
clock 02 April 2025 • 3 min read
Five key takeaways from the Spring Statement 2025

Five key takeaways from the Spring Statement 2025

OBR growth, ISA reforms and defence

Sorin Dojan
clock 27 March 2025 • 4 min read