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UK inflation remained steady at 2% last month, according to the latest official figures. This means it has met the target rate set by the Government and the Bank of England for two consecutive months.Here, we delve into what this latest inflation data means for households and the economy. What is inflation? Inflation is a term used to describe the rising prices of goods and services. The inflation rate refers to the speed at which these prices are increasing. June’s inflation rate of 2% implies that an item costing £100 a year ago would now cost £102. This rate is unchanged from May, indicating that prices are increasing at the same pace as they were the previous month. Does it mean prices have stopped getting higher? However, this doesn’t mean that price …
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