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UK Inflation Slows to 7.9 Percent

Published by Tavex Analysts in category Market News on 19.07.2023
Gold price (XAU-GBP)
1,836.93 GBP/oz
  
- GBP22.10
Silver price (XAG-GBP)
21.63 GBP/oz
  
- GBP0.79

Inflation in Britain slowed to 7.9% year-on-year in June.

Inflation in Britain reached its lowest level in 13 months. In May, UK inflation was 8.7 percent. The Bank of England has set an inflation target of two per cent, as has the European Central Bank.

The Bank of England raised interest rates to five percent in June. Investors expect the Bank to raise interest rates by a further 0.5 percentage point in August, The Times reported.

The consumer price index, which excludes food and energy, rose 6.9 percent year-on-year.

Britain’s Office for National Statistics (ONS) said the slowdown in inflation was linked to a fall in energy prices.

Gold price (XAU-GBP)
1,836.93 GBP/oz
  
- GBP22.10
Silver price (XAG-GBP)
21.63 GBP/oz
  
- GBP0.79

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