What rising inflation means for you and what happens next
The IndependentGet the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. That means overall services prices still rose versus July last year, but at a slower rate than the month before. Grant Fitzner, chief economist at the ONS, said: “Inflation ticked up a little in July as although domestic energy costs fell, they fell by less than a year ago.” In other words, energy bills still fell versus July last year, but they had less downward pressure on the inflation figure for the whole economy than they did in previous months. Alcohol and tobacco prices, for example, rose faster than most other goods, with the rate of inflation still high at 7.2% in July, down slightly from 7.3% in June. However, governor Andrew Bailey said on August 1 that the Bank should “make sure inflation stays low, and be careful not to cut interest rates too quickly or by too much”.