The pace at which prices are rising has sped up, according to official figures.

The rate of inflation grew to 2.2% in July, up from 2% a month earlier, data from the Office for National Statistics showed.

It is the first time since December last year that the rate has increased, rather than fallen. This means that prices rose slightly faster than before.

But it's increased less than central bankers at the Bank of England and economists polled by Reuters had forecast.

Those observers anticipated a rise to 2.3%.

Inflation coming in lower than expected could help the rate-setters at the Bank to lower interest rates faster or sooner.

Because of high inflation, interest rates were brought up, making borrowing more expensive. At present investors expect the interest rate will be kept at 5% at the next Bank rate-setting meeting in September.

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