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The rate of inflation slowed last month to fall in line with the Bank of England’s target, official data showed today.
The Consumer Prices Index climbed by 2pc in the 12 months to July, down from June’s 2.5pc increase, according to the Office for National Statistics. That brings it in line with the Bank of England’s official target of 2pc, despite the central bank having predicted prices could rise by close to 4pc come the end of the year.
Transport fuelled last month’s increase, contributing 0.85 percentage points of the climb as the UK economy continued to reopen amid the end of Covid restrictions. But on a monthly basis CPI was unchanged compared to July’s 0.4pc rise.
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