Higher UK inflation predicted despite strong economic growth

Forecasters expect the official data from the Office for National Statistics on Wednesday (14 August, 2024) to reveal that inflation jumped from 2% to 2.3% in July. This comes despite a show of "resilience" from the UK economy over the summer, arguably providing some room for further rate cuts, according to data from consultancy firm BDO. Its Optimism Index rose above 100 for the third consecutive month to levels last seen in mid-2022, rising slightly to 102.22 from 102.09 in June, marking the third time it had ever crossed the 100-point threshold. This sustained growth in co...