‘Taylor Swift effect’ on hotel prices partly blamed for UK inflation defying forecast drop
Fear of persistent inflation? Bank of England should shake it offBusiness live – latest updates
The chances of an August interest rate cut have taken a blow after a sharp jump in hotel prices meant progress in the UK’s fight against inflation stalled last month.
A near 9% jump in the cost of a hotel room – blamed by some analysts on a “Taylor Swift effect” – offset the impact of cut-price clothing to leave the government’s preferred measure of the cost of living at its 2% target for a second month in a row in June.
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