Cookies on the Attwoods website

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the Attwoods website.

Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |Rate of inflation rises for first time this year

Latest news

Browse by category
Business News

Rate of inflation rises for first time this year

August 14 2024

The UK rate of inflation has risen for the first time in 2024, official data has revealed.

Prices increased by 2.2% in the year to July, data from the Office for National Statistics (ONS) showed. Experts had previously anticipated an increase in the rate of inflation, and the ONS found that the rise was caused by prices for gas and electricity falling by less than they did a year before.

Whilst the inflation rate has risen, it remains close to the Bank of England's target of 2%.

Commenting on the data, Grant Fitzner, Chief Economist at the ONS, said: 'Inflation ticked up a little in July as although domestic energy costs fell, they fell by less than a year ago.

'This was partially offset by hotel costs, which fell in July after strong growth in June.'

Meanwhile, the British Chambers of Commerce (BCC) said that concern about inflation among small businesses has been falling since the start of 2024. Stuart Morrison, Research Manager at the BCC, stated: 'Businesses will be pleased to see that inflation remains close to target, despite a small rise in the CPI rate last month. 

'An increase was expected, with our own forecast suggesting inflation of 2.3% in Q4 2024, and the trend in lower rates likely to persist. This has already brought a welcome interest rate cut from the Bank of England earlier this month, and we expect at least one further reduction this year.'

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.