UK Inflation rose less than expected in June to put an obstacle to the Bank of England ahead of the August meeting which is considering raising rates in it, as the consumer price index rose by 2.4 percent in June, the same reading as in May, versus expectations of a 2.6% rise.
Also, Core CPI rose below forecasts in June by 1.9%, after rising by 2.1% in May, versus expectations of a 2.1% rise. Inflation figures came a day after releasing wage figures, which slowed to a six-month low.
The sharp drop in sterling following the June 2016 referendum led to higher import prices, and thus inflation soared to a six-year high of 3.1% last November, however it has since fallen since then, it is still above the Bank of England target of 2%.
