London, August 14, 2024, The Europe Today: NHC told, UK’s inflation rate has increased for the first time in 2024, according to official figures released today. Prices across the country rose by 2.2% in the year to July, slightly exceeding the Bank of England’s target of 2%, where the rate had held steady since May.
The rise in inflation was widely anticipated and is primarily attributed to a smaller-than-expected decrease in gas and electricity prices compared to the same period last year. This uptick indicates that prices are now increasing at a faster rate across the UK than in previous months, although the pace remains slower than the steep inflation seen in 2022 and 2023, when households were particularly burdened by soaring energy and food costs.
Despite the current increase, the overall inflation rate is still lower than the peaks experienced during the cost-of-living crisis, offering some relief to consumers. However, the latest figures highlight ongoing concerns about the stability of prices and the potential impact on household budgets as the year progresses.
