CPI inflation rose by 2.2% in year to July 2024

According to the latest data from the Office for National Statistics (ONS), the Consumer Price Index (CPI) inflation rate for the year leading up to July 2024 stands at 2.2%. This figure reflects a slight increase from June's annual inflation rate of 2.0%.

In the month leading up to July 2024, the monthly CPI fell by 0.2%. However, when compared to the same period in 2023, which saw a more significant decline of 0.4%, this year's smaller drop has resulted in a 0.2% net rise in yearly inflation. This modest increase has pushed the annual inflation rate slightly higher.

The next release of ONS data is scheduled for 18 September 2024, just a day before the Bank of England is set to announce its bank rate decision on 19 September 2024. With inflation now hovering close to the Bank of England's target of 2%, the upcoming announcement will be closely watched. Many are wondering if the central bank will opt for further rate reductions, particularly as inflation appears to be stabilizing near the desired level.