Inflation ticks up

Inflation as measured by RPI was 3.6% in July, the highest rate for a few months. Prices are now 31.5% higher than at the beginning of 2021.

CPI rose above the 2% target to 2.2%, but the increase was lower than expected. It was the first time this year that inflation has risen rather than fallen towards the 2% target.

Private rents were up 8.6% compared to last year across the UK, and up 9.7% in London.