Inflation in the UK has risen for the first time this year in a blow to the UK economy but has come under previous estimates. The latest figures from the Office for National Statistics (ONS) have revealed the consumer price index (CPI) rate jumped to 2.2 per cent for the 12 months to July 2024. Analysts had previously forecast inflation coming in at around 2.3 per cent for last month. This comes shortly after the Bank of England’s Monetary Policy Committee voted to slash the base rate from its 16-year high after its two per cent inflation target was reached. Interest rates were raised by the c…