Inflation rose slightly in July, according to the ONS. The rise was due to a number of factors, but the most noteable was air fares, which increased by 21.7 per cent month-on-month. It seems likely that price gouging by airlines in the run-up to the Olympics was so steep it had a measurable macroeconomic effect, since the inflation in the transport category pushed the headline metric up by 0.17 percentage points. Given the overall rise was only 0.1 points (as the transport rise was offset elsewhere), the scale of the increase is apparent.
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