ONS data reveals UK inflation rate remained unchanged at 1.8% in July
According to the official data revealed by the Office for National Statistics (ONS), the 12-month inflation rate in Britain stood unchanged at 1.8 percent in July, thereby holding below the Bank of England's target level of percent.
The unchanged inflation rate, which also surprised the economists expecting the July Consumer Price Index (CPI) to fall to 1.5 percent, indicates that inflationary pressures on the UK economy may be easing.
Noting that the CPI inflation stood at zero in July month-on-month from June, ONS stated: "Consumer Prices Index annual inflation was 1.8 percent in July, the same as June, which is below the government's 2.0 percent target."
Meanwhile, reporting the Retail Prices Index, which comprises mortgage interest payments, ONS said that the figures increased unpredictably - to minus 1.4 percent from minus 1.6 percent - marking the lowest level since ONS started keeping records in 1948.
ONS data also revealed that food and non-alcoholic beverages comprised the largest downward pressure affecting the change in the CPI annual rate; and chiefly meat and vegetable prices reported a fall this year.
Specifying that recreation and culture sector comprised the biggest upwards influence, the ONS said that while games, toys and hobbies had the maximum impact, recording media too played an important role, as prices of computer games and pre-recorded DVDs reported an increase.