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UK inflation rate rises to 0.6% UK inflation rate rises to 0.6%
(35 minutes later)
The UK's inflation rate, as measured by Consumer Prices Index (CPI), rose to 0.6% in July, official figures show. Rising fuel prices helped to push the UK's inflation rate higher last month, official figures show.
That compares with a rate of 0.5% in June. Inflation as measured by Consumer Prices Index (CPI), rose to 0.6% in July from 0.5% the month before, the Office for National Statistics said.
The inflation rate as measured by the Retail Prices Index (RPI) rose to 1.9% in July, from the previous month's measure of 1.6%. More expensive alcoholic drinks and hotel rooms also helped to increase the CPI rate, the ONS said.
The Retail Prices Index (RPI) measure of inflation rose to 1.9% in July from 1.6% in June.
July's RPI inflation rate sets the cap for how much regulated rail fares in England, Scotland and Wales can rise by next year.July's RPI inflation rate sets the cap for how much regulated rail fares in England, Scotland and Wales can rise by next year.
The Office for National Statistics (ONS) said the main factors behind the rise in the CPI rate were rising prices for motor fuels, alcoholic drinks and accommodation services. There was also a smaller fall in food prices than a year ago. Separate figures from the ONS suggested that the fall in the value of the pound since the UK's referendum vote to leave the EU had increased the cost of imports for manufacturers.
The upward pressures were partially offset by falls in social housing rent, and lower prices for some games and toys, the ONS said. Input prices faced by manufacturers rose 4.3% in the year to July, compared with a fall of 0.5% in the year to June.
In addition, the price of goods leaving the factory gate were 0.3% higher than a year earlier, the first annual increase since June 2014.
"There was no obvious impact on today's consumer prices figures following the EU referendum results though the Producer Prices Index suggests the fall in the exchange rate is beginning to push up import prices faced by manufacturers," said Mike Prestwood, head of prices at the ONS.
"These are the first sets of consumer and producer prices data collected since the referendum polling day."