UK inflation rate rises to 18-month high, dampening expectations of an interest rate cut.

According to the Wise Finance APP, the UK inflation rate climbed for the second consecutive month in July, putting pressure on the Bank of England to reconsider the pace of interest rate cuts. The UK Office for National Statistics announced on Wednesday that the UK Consumer Price Index (CPI) rose by 3.8% year-on-year in July, higher than June's 3.6%, and marking the largest increase since January 2024. This price increase was mainly driven by rising prices for airfares, hotels, and car fuel.