Deloitte senior economist comments on today's inflation figures from the ONS

Commenting on inflation figures, published by the ONS today, Debapratim De, senior economist at Deloitte, said:

“July's inflation figures are lower than expected. But this does not signal an easing of underlying price pressures. The sharp rise in input prices over the same month shows that supply continues to struggle to keep up with resurgent demand.

“The data seem consistent with the Bank of England's expectations of some policy tightening over the next two years. If UK growth continues as forecast, without a major COVID-19 wave in the winter months, we are likely to see the first interest rate rise by next summer.”

Ends

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