The United Kingdom's (UK) inflation rate rose to exceed the Bank of England's target of 2 percent, the first increase recorded this year after months of decline. According to data issued by the UK's Office for National Statistics (ONS) on Wednesday, consumer price inflation accelerated to 2.2 percent last July from 2 percent in the previous month. The data showed that the consumer price index fell by 0.2 percent in July 2024, compared to a decline of 0.4 percent in July 2023. The UK's inflation in October 2022 reached its highest level in 41 years at 11.1 percent, driven by rising energy and food prices after the Russian-Ukrainian conflict, as well as labor shortages and disruptions to supply chains. Source: Qatar News Agency
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