Higher food and airfare prices pushed U.K. inflation above expectations in July, official figures showed Wednesday, which has tempered market expectations that the Bank of England will cut interest rates again this year.
The Office for National Statistics said consumer price inflation was 3.8% in the year to July, up from 3.6% in June. One of the contributors was airfares soaring by 30.2% between June and July, the biggest jump since the collection of monthly data began in 2001.
