RSM UK analyst Thomas Pugh said June inflation fell to 2.6%, effectively ruling out a Bank of England rate hike next week. The drop was driven mainly by declines in food, fuel and energy prices, while services inflation — the key gauge of domestic price pressures — was in line with expectations. Pugh expects inflation to rebound to about 3.3% in autumn as rising energy costs, supply‑chain strains and food-price pressures feed through, with upside risk if oil spikes. He expects Bank Rate to remai

RSM UK analyst Thomas Pugh said June inflation fell to 2.6%, effectively ruling out a Bank of England rate hike next week. The drop was driven mainly by declines in food, fuel and energy prices, while services inflation — the key gauge of domestic price pressures — was in line with expectations. Pugh expects inflation to rebound to about 3.3% in autumn as rising energy costs, supply‑chain strains and food-price pressures feed through, with upside risk if oil spikes. He expects Bank Rate to remain on hold and sees no rate cuts before 2027.