UK CPI inflation in June rose to 3.6% compared with May’s 3.4%. Market analysts polled by Reuters beforehand had expected inflation to remain at 3.4%. Higher prices for petrol, airfares and rail tickets drove the acceleration in inflation.

Core CPI inflation, which excludes energy and food prices that spiked during 2022, was 3.7% in June, compared with 3.5% in May. Services inflation, which the Bank of England uses as a key indicator of future inflation, remained at 4.7% in June, unchanged from May, but marginally higher than the 4.6% expected by market analysts.

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