According to the July release of the CSO’s Consumer Price Index the headline rate of inflation stayed at +2.7% for the third month in a row. Prices on the month were unchanged. Our measure of “core” inflation (the 85% of the index excluding energy products and mortgage interest) slipped down on the month.
Core inflation slipped from +0.5% in June to +0.39% in July. Of the headline rate of 2.7%, 1.4 percentage points or more than half, is contributed by mortgage interest. Energy products contributed 0.9 percentage points to the headline rate.
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