British inflation up 3.1% in July

08:27, August 18, 2010      

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The annual rate of consumer price index (CPI) in Britain increased by 3.1 percent in July but down from the 3.2 percent rate in June, the Office for National Statistics reported on Tuesday.

The report showed that transport cost produced the largest downward pressures to the change in CPI inflation between June and July. Prices for clothing and footwear also fell by 4.9 percent, the largest fall for a June and July period since 2002. However, prices of food and non-alcoholic beverage increased by 0.7 percent between June and July, the biggest monthly rise for two years.

Although the CPI inflation in Britain in July was the lowest rate since last February, it is the eighth consecutive month that the inflation rate has exceeded the target of 2 percent set by the British central bank -- the Bank of England.

Analysts predicted that the impact of the Russian wheat crisis on food prices and a further rise in sales tax next January are leading inflationary pressures and high food prices is expected to keep UK inflation in high level in coming months.



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