The 0.15% m/m increase in all-items CPI and the 0.17% increase in core CPI in July suggest that, after the temporary relapse in the first quarter, the disinflationary trend has firmly reasserted itself. The annual rate of all-items CPI inflation edged down to 2.9%, with the core rate at 3.2%. In three-month annualised terms, however, core CPI fell to a three-year low of only 1.7%.
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