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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.