UK inflation jumps more than expected to 3.6%

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Prices rose by 3.6% in the year to June, the steepest rise in inflation since January 2024, the Office for National Statistics said.

That marks a significant rise from the 3.4% rate in May.

The rate at which prices rise matters to shoppers, whose money doesn't go as far if goods and services are becoming rapidly more expensive.

The decision will affect whether the Bank of England decides to raise or lower interest rates as higher rates can slow inflation by dampening economic activity.