# UK inflation pressures stay hot, reducing chance of August rate cut

> UK consumer price inflation held at 2% in the 12 months to June, but services inflation stayed at 5.7% and core inflation at 3.5%. Economists judged an August Bank of England rate cut to be finely balanced after the data.

- Date: 2024-07-17 · published 2024-07-17T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/29545-uk-inflation-pressures-stay-hot-reducing-chance-of-august-rate-cut
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

Sticky UK inflation keeps rates higher for longer, which supports sterling and marginally firms the dollar's relative position. The direct effect on feed commodity prices is minimal.

## Read by commodity

- GBPUSD: bullish ▲

## Sources

- reuters.com: https://www.reuters.com/world/uk/uk-inflation-held-20-june-2024-07-17/

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.