UK inflation rate goes up to 0.6%

ONS’ latest update

Official figures from the Office for National Statistics show that rising fuel prices helped to push the UK’s inflation rate higher last month.

The Consumer Prices Index (CPI) rose to 0.6% in July from 0.5% the month before.

The CPI rate was also boosted by more expensive alcoholic drinks and hotel rooms.

Meanwhile, the Retail Prices Index (RPI) measure of inflation rose to 1.9% in July from 1.6% in June.

“There was no obvious impact on today’s consumer prices figures following the EU referendum results though the Producer Prices Index suggests the fall in the exchange rate is beginning to push up import prices faced by manufacturers,” said Mike Prestwood, head of prices at the ONS.

“These are the first sets of consumer and producer prices data collected since the referendum polling day.”