UK inflation rate: How quickly are prices rising?

In June, the Bank of England held rates at 5.25% for a seventh time because it did not think inflation had fallen far enough.

Although the headline CPI figure has hit the 2% target, the Bank also considers other measures of inflation, external when deciding how to change rates, such as “core inflation”.

Core inflation doesn’t include food or energy prices because they tend to be very volatile, but it was 3.5% in June – unchanged from May, which suggests price rises are still an issue.

The July inflation figures will be released on Wednesday 14 August.

Many economists had been expecting the Bank to cut rates before then at its next meeting on Thursday 1 August.

However, the latest date from the ONS suggests the cut might not happen until later in the autumn.

In its latest forecast for the global economy, the International Monetary Fund (IMF) warned that persistent inflation in countries including the UK and US might mean interest rates have to stay “higher for even longer”.