UK inflation rose to 2.9% year-on-year in July from 2.6% in June, driven by higher energy costs. Core inflation remained contained, giving the Bank of England room to keep its policy rate at 3.75%. The Monetary Policy Committee is expected to hold rates steady at its September 17 meeting, with a majority of economists forecasting no changes through year-end. UK inflation peaked at 11.1% in October 2022.
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