business ๐ UK inflation nudges up to 2.9% by July
UK inflation rate has risen to 2.9% for the year ending in July, according to the latest figures. This measurement tracks the Consumer Prices Index (CPI) across hundreds of everyday goods and services. The ONS publishes this CPI figure monthly, reflecting consumer spending trends. Inflation affects things like benefits, pensions, and the Bank of England's interest rate decisions. The central bank aims for a CPI target of 2%, reacting if the rate moves too high.