UK inflation rate defies forecasts

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Figures out today show consumer price inflation rose above the Bank of England’s target in July, going against forecasts that it would drop below 2 per cent.

Prices in July were 2.1 per cent higher than a year earlier, increasing from 2 per cent in June and May, the Office for National Statistics said.

Sam Fuller, Director of Financial Markets Online said, “Sterling found its mojo – only to misplace it within minutes.

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