Inflation latest: June CPI figures to be released as food costs continue to increase

Looking deeper into the numbers, Barclays analysts expect the same 3.4 per cent – but for food to carry on rising.

“Headline CPI inflation should remain at 3.4% in June, unchanged from May, with a deceleration of services price growth driving an easing in core CPI. We expect an acceleration of food price inflation but core goods and services to undershoot the BoE’s expectations,” wrote analysts in a note.

As a reminder and a look back, it was air fares and fuel which fell last month, but food was increasing at the highest rate in 12 months, with household goods also increasing in price.

That resulted in a 3.4 per cent inflation rate for May.

A month earlier the CPI figure was 3.5 per cent, which was later revised to 3.4 per cent due to errors in some figures regarding vehicles.

So, we’re expected to flatline again in terms of inflation for June – it could even tick up to 3.5 per cent again.

The chancellor is right to woo the City – she can’t risk alienating them when she needs their support, writes James Moore.

But he’s not convinced her plan to win them over will work…

Good morning and welcome to The Independent’s live business blog, where today we’re focusing on inflation figures for June as well as reaction to Rachel Reeves’ speech last night, stock market news and more.