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UK inflation unexpectedly rose to 3.6 per cent in June, in a setback for the Bank of England as it seeks evidence that price pressures are cooling alongside slowing economic growth.
The annual consumer prices index figure from the Office for National Statistics exceeded the prediction of analysts polled by Reuters that inflation would remain at May’s level of 3.4 per cent.
The numbers come as the BoE prepares for another cut in its key interest rate as soon as August. In June, the Monetary Policy Committee voted six to three to keep rates unchanged at 4.25 per cent, following a quarter-point cut in May.
The MPC, which has an inflation target of 2 per cent, has reduced interest rates four times since last summer
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