Inflation has risen back above the Bank of England’s 2% target, in the first increase of 2024 after months of steady declines. The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.2% in July, up from 2% in June.
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00:00Hello, my name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.
00:06Here are your business headlines for this morning.
00:09Inflation has risen back above the Bank of England's 2% target in the first increase of 2024 after months of steady falls.
00:19The Office for National Statistics said consumer prices index inflation rose to 2.2% in July, up from 2% in June.
00:28It represents the first time inflation has climbed since December, driven partly by a sharp drop in energy bills last July falling out of the annual calculations.
00:39It's an update this morning which shows that inflation has risen back above the Bank of England's 2% target.
00:46My name is Greg Wright. I'm the Deputy Business Editor of the Yorkshire Post.