UK Core Inflation Surges Beyond Expectations
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Canada, UK inflation
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UK inflation heat puts Bank of England
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Governor Kathy Hochul has said New Yorkers will receive inflation rebate checks of up to $400 this fall despite proposed federal budget cuts that reduced aid to the state.
UK inflation rose unexpectedly in July, led by energy and airfares, but core pressures remain nuanced. Markets signal BoE may pause in September.
Consumer prices were up 2.7% in July from a year earlier, unchanged from June’s gain
Massive downward revisions in July's jobs report last week fueled concerns that the labor market is softening too quickly, strengthening the case for rate cuts. But the hotter-than-anticipated inflation data could suggest the need for more restraint.
Statistics Canada will issue the Consumer Price Index (CPI) for July on Tuesday. This will attract the market's attention since it will provide the Bank of Canada (BoC) with fresh information on how inflation is changing, which they use to set interest rates.
Here's what new data from the producer price index says about where inflation is headed, according to economists.