UK Inflation in July Cools Down Sharply to 6.8%

Inflation in the United Kingdom cooled down at a sharp rate in July, but core consumer price further caused the Bank of England to consider a tough decision.

Consumer price index rose to an annual 6.8% in July, according to the official data released on Wednesday. A drop in price was in line with the market forecast that saw inflation dropping to 6.8%. However, it was a  sharp drop compared to 7.9% in June.

Still, core inflation, which excludes the volatile energy and food prices, maintained at 6.9%, unchanged from last month. This causes the Bank of England to make a tough decision as to end the cycle or continue raising rates.