UK inflation dips to 2.8%

The UK's headline inflation rate fell back to 2.8% in July, matching analysts' expectations, the latest data has revealed.

The Consumer Prices Index (CPI) inflation rate fell back amid sliding air fares, with a rise in petrol prices preventing further declines, the Office for National Statistics (ONS) said. Economists had expected inflation to pull back from after June's rise took the rate to 2.9%, its peak for the year. CPI had previously climbed from 2.7% in May, with higher fuel prices pushing up the figure. The latest number means new Bank of England Governor Mark Carney has again been spared from having to write to the Chancellor explaining why inflation is one percentage point above its target 2%...