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Inflation jumps
Retail Prices Index (RPI) inflation, the favoured inflation measure of union negotiators, jumped from 3.3% to 3.9% in June. The Consumer Prices Index with housing (CPIH) rose from 2.1% to 2.4%.
Michael Sunders, a Bank of England Monetary Policy Committee member, points to “large upside surprises in prices and indicators of labour market tightness” contributing to these figures which could affect the Bank’s monetary stimulus policies.