The UK consumer price inflation rate rose to 3.8% in July from 3.6% in June. The Bank of England had projected overall inflation to rise to 3.8%.
Inflation in the UK is higher compared to the United States, where it stood at 2.7% in July, and also compared to the eurozone, where it is expected to remain close to the European Central Bank’s 2% target in the coming years.
The Bank of England expects UK inflation to reach 4% in September, double its target, and remain above 2% until mid-2027.
Source (Al Arabiya.Net Website, Edited)
