Inflation rose in Britain for the first time this year in July, as the real estate market has seen weakness with rising house prices at the slowest pace in nearly five years, while home prices in London fell at fastest pace since 2009.
CPI on an annual basis rose by 2.5% in July after it was at 2.4% during the last three months, and this was the first time it rises since November last year. The data showed yesterday's rise in wages by 2.4%.
The Bank of England recently raised interest rates for the second time since the financial crisis, and the bank expects inflation to fall above its target of 2% within two years. The consumer price index hit its highest level in five years at 3.1% in November when the impact of the pound's decline peaked after the vote on Brexit.
