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Inflation holds steady at 2%

July 17 2024

UK inflation held steady at 2% in June, according to the latest figures from the Office for National Statistics (ONS).

The 2% rate, which is the Bank of England's target, is unchanged from May as prices continue to rise at their slowest rate in almost three years.

However, price increases in areas such as services, which include everything from restaurants to hairdressers, remain persistent, according to the ONS.

The latest figures showed hotel prices rose strongly in the year to June, while second-hand car costs fell but by less than the same time last year.

And these changes were offset by falling clothes prices with retailers offering widespread sales to shoppers.

Martin Sartorius, Principal Economist at the Confederation of British Industry, said: 'The fact that inflation is stable at the Bank of England's target will be welcome news for many households as we start to see things return to normal after period of high price growth.

'However, it's worth noting that many have yet to feel the benefit of lower inflation due to the high level of prices, particularly for food and energy bills.

'Today's data paves the way for an interest rate cut next month, which would begin to provide some relief for firms and households that are struggling with high borrowing costs.'

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