UK annual inflation rises to 2.9% in July, a four-month high

The United Kingdom's annual inflation rate rose to 2.9% in July, reaching a four-month high, according to data released by the Office for National Statistics (ONS) on Wednesday. The figure marks an increase from 2.6% in June, as reported by Anadolu Agency.

On a monthly basis, consumer prices rose by 0.3% in July, up from a 0.2% increase in June. The ONS attributed the largest upward contributions to the inflation rate to housing and household services, as well as furniture. Transport made the largest partially offsetting downward contribution.

Core CPI, which excludes energy, food, alcohol, and tobacco, rose by 2.6% in July, unchanged from June. This indicates that underlying price pressures remained steady.

In the producer sector, input prices rose by 4.9% on a yearly basis in July, a slowdown from a revised increase of 7.4% in June. Producer output prices, also known as factory gate prices, rose by 3.1% in July, down from 3.5% in the previous month. On a monthly basis, producer input prices fell by 1.7%, while producer output prices rose by 0.2% in July.

The data comes amid ongoing concerns about the cost of living in the UK, with inflation remaining above the Bank of England's target of 2%. The rise in inflation may influence future monetary policy decisions.

According to the report by Anadolu Agency, the ONS released these figures as part of its latest consumer price inflation statistics.