UK Inflation Falls to 17-Month Low But Services Prices Remain High

• Inflation slowed to 6.8% in July, the lowest since February 2022, due to lower energy and food prices.
• However, core inflation stayed at 6.9% and services inflation rose to 7.4%, indicating continued price pressures.
• Wages grew at the fastest annual pace on record, contributing to high underlying inflation.
• The Bank of England is still expected to raise interest rates again in September to combat inflation.
• Services inflation may keep UK rates higher for longer than other countries.

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