Inflation in the UK is rising quicker than expected

Inflation in the UK increased marginally in July,according to official figures released on Tuesday.The Office for National Statistics says the consumer price indexthe key measure of inflation in Britainwasup 0.6% on a year-on-year basis in July, in line with the consensus forecast of economists and up from 0.5% in June.Prior to the last fewmonths, inflation had stayed between -0.1% and 0.1% for 10 months due to a collapse in oil prices and a supermarket price war that led to slashed prices, but prices have started to pick up and are expected to keep rising following the Bank of England's decision to cut interest rates in the aftermath of the UK's vote to leave the European Union.More to follow ...Join the conversation about this storyNOW WATCH: A self-made millionaire describes the financial mistakes to avoid if you want to get rich by 30
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