Inflation in the UK is rising quicker than expected

Inflation in the UK increased marginally in July, according to official figures released on Tuesday.

The Office for National Statistics says the consumer price index - the key measure of inflation in Britain - was up 0.6% on a year-on-year basis in July, in line with the consensus forecast of economists and up from 0.5% in June.

Prior to the last few months, inflation had stayed between -0.1% and 0.1% for 10 months due to a collapse in oil prices and a supermarket price war that led to slashed prices, but prices have started to pick up and are expected to keep rising following the Bank of England's decision to cut interest rates in the aftermath of the UK's vote to leave the European Union.

More to follow ...