Summary

  • UK inflation jumps higher than economists had expected to 3.6% in the year to June, up from 3.4% in May, the Office for National Statistics says

  • 18 month high: It marks the steepest increase in the inflation rate, which measures how quickly prices are rising, since January 2024

  • Main drivers: The ONS says the rise was driven by motor fuel and food costs, with food price inflation increasing for the third month in a row

  • Political reaction: Chancellor Rachel Reeves says there's "more to do" to bring inflation down, while shadow chancellor Mel Stride says it's "deeply worrying for families"

  • Impact on interest rates: The Bank of England is still expected to cut interest rates but officials there might be starting to feel ever so slightly nervous, Theo Leggett writes

Live Reporting

Edited by Neha Gohil

  1. New inflation figures to be released

    The rate of rising prices - known as inflation - is expected to hold at 3.4% when the Office for National Statistics releases its figures for June at 07:00 BST.

    The Bank of England's inflation target is 2%, but it has said previously that it expects the number to peak at 3.7% between July and September before eventually falling.

    Remember, though, that even if today’s rate does show a fall from 3.4%, it doesn’t mean that prices are going down - just that they are increasing less quickly.

    Stay with us as we bring you the latest updates, analysis and explain what today's update means for your finances.