Rachel Reeves is braced for more bad news this morning as the Office for National Statistics looks all but certain to confirm the rate of inflation boomed last month.
Prices in the UK are set to have risen faster in July as school holidays boosted travel costs and grocery bills remained elevated, economists said. The school summer holidays are likely to have seen airfares rise considerably, with airlines typically bumping up prices in July amid stronger demand from families.
Some experts said an "Oasis bump" could also have contributed to higher accommodation prices. The Office for National Statistics (ONS) will publish the latest inflation dataset at 7am.
The rate of Consumer Prices Index (CPI) inflation is widely expected to have increased to 3.7% in July, from the 3.6% recorded in June.
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