BREAKING: UK Food Inflation rate surges to 3.6% in June, Exceeding Expectations

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The UK’s annual inflation rate rose to 3.6% in June, surpassing economists’ forecasts of 3.4%, according to data released by the Office for National Statistics (ONS). The inflation rate matched the previous month’s increase, with core inflation, which excludes volatile energy, food, alcohol, and tobacco prices, rising to 3.7% from 3.5% in May.

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Richard Heys, acting chief economist at ONS, attributed the increase to motor fuel prices, which fell only slightly compared to a larger decrease at the same time last year. “Inflation ticked up in June driven mainly by motor fuel prices which fell only slightly, compared with a much larger decrease at this time last year,” Heys said. He also noted that food price inflation has increased for the third consecutive month, reaching its highest annual rate since February of last year.

Heys added, “Food price inflation has increased for the third consecutive month to its highest annual rate since February of last year. However, it remains well below the peak seen in early 2023.” The data release has sparked concerns about the potential impact on the UK economy and monetary policy

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