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UK CPI hits more than 40-year high in July

The UK consumer price index (CPI) in July continued to climb 10.1% year-on-year, a sharp increase of 0.7 percentage points from the previous value, and continued to hit a 40-year high. The market originally expected 9.8%, mainly due to housing and utilities, food And non-alcohol and transportation and other costs driven by high prices. During the period, the core CPI excluding food and energy increased by 6.2% year-on-year, which was also higher than the market expectation and the previous value of 5.9% and 5.8% respectively. As for upstream inflation, the UK's June producer price index (PPI) continued to increase by 17.1% year-on-year, up 0.6 percentage points from the previous value. The market had expected it to be 16.7%, reflecting the further rise in upstream inflation. However, due to the fall in oil prices, the year-on-year increase in the PPI input index, which reflects corporate input costs, slowed from the previous 24% to 22.6%, indicating that inflation has initially peaked.
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