The United Kingdom's Consumer Price Index (CPI) increased by 2.2% year-over-year in July, slightly below the market expectation of 2.3%, according to data released by the Office for National Statistics (ONS) on Wednesday. This marks a rise from the 2.0% increase recorded in June and places the inflation rate back above the Bank of England's (BoE) 2.0% target.
Core CPI, which excludes volatile items such as food and energy, rose by 3.3% year-over-year, down from 3.5% in June and below the expected 3.4%. Additionally, Services CPI inflation fell to 5.2% in July, a significant drop from 5.7% in June.
On a month-over-month basis, the UK CPI declined by 0.2% in July, reversing the 0.1% increase seen in the previous month.
Following the release of this data, the British Pound (GBP) experienced selling pressure, with the GBP/USD pair trading down 0.23% near 1.2825.
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