Interest rate cuts expected after US and UK inflation reports – as it happened

UK inflation has risen to 2.2%, less than feared, while US inflation dipped to 2.9% last month

• UK inflation rises to 2.2% in first increase since December
• US inflation dipped in July as Federal Reserve expected to cut interest rates

Although inflation has picked up, we're a long way from the dark days of October 2022, when prices were soaring by 11% per year.

Encouragingly, UK manufacturers raised their prices at a slower rate in July.