UK Inflation Highest Since Early 2024

(RTTNews) - UK consumer price inflation accelerated to the strongest since January 2024 largely due to higher transport and food costs, the Office for National Statistics reported Wednesday.

The consumer price index advanced 3.6 percent year-on-year in June, faster than the 3.4 percent rise in May. Prices were expected to climb again by 3.4 percent in June.

The 3.6 percent was the highest inflation since January 2024.

Core inflation that excludes prices of energy, food, alcohol, and tobacco rose to 3.7 percent from 3.5 percent a month ago.

Transport, particularly motor fuels, made the largest upward contribution to the annual change, with 1.7 percent rise. Clothing and footwear prices gained 0.5 percent and food and non-alcoholic beverages moved up 4.5 percent.

On a monthly basis, consumer prices rose 0.3 percent, slightly faster than the 0.2 percent increase in May.