FILE PHOTO: Bank of England Governor Andrew Bailey holds the new 50 pound note, which features Alan Turing, next to Turing’s statue at Bletchley Park in Milton Keynes, Britain, June 21, 2021. Picture taken June 21, 2021. Joe Giddens/Pool via REUTERS/File Photo
The rate had soared in June to a near three-year peak of 2.5 percent as prices had accelerated on easing coronavirus restrictions. Last month’s slowdown was partly due to the clothing sector, where price growth stood at 1.7 percent after a 3.0-percent bounce in June. Despite the July slowdown, most economists predict prices will accelerate further as the global economic recovery gathers pace.
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