Markets ended last week largely unfazed by a hotter wholesale inflation print and signs of firming consumer prices, but some economists warn the underlying story is more concerning than investors seem to believe.

British inflation hit its highest in 18 months in July when it increased to 3.8% from 3.6% in June, official data showed on Wednesday, once again leaving the country with the biggest price growth problem amongst the world's big rich economies.

Prices in the UK rose by 3.8% in the year to July, driven mainly by a jump in the price of airfares coinciding with the school summer holidays. That means inflation is at its highest level for 18 months and still far above the Bank of England's target of 2%. The Bank's latest forecast expects inflation to peak at 4% in September.

The housing market is juggling mixed economic signals-ranging from stubborn shelter costs to easing mortgage rates.

UK inflation climbed for a second month in July, adding pressure on the Bank of England to reconsider its pace of interest-rate cuts.

The Bank of England expects the rate, which measures how quickly prices are rising, to peak at 4% in September.

Prices rose 3.8% in the year to July, up from 3.6% the previous month, stoking fears that interest rates will remain higher for longer as the Bank of England continues to battle stubborn inflation, writes Kevin Pratt. The Bank cut its influential Bank Rate ...

According to Bankrate, inflation has climbed 22.7 percent since 2021, while Americans' wages have risen just 21.5 percent.

Inflation is expected to jump again when July’s report is published this morning. Rising food prices and summer spending could be partly responsible.

The South African rand eased in muted early trade on Wednesday, before the release of local inflation data which will influence the central bank's thinking at its rate-setting meeting next month.

UK inflation rose to 3.8% in July, higher than analysts had expected, it has been revealed. The Office for National Statistics (ONS) confirmed the Consumer Prices Index (CPI) had risen from 3.6% in June. Economists had expected a 3.7% rise in the CPI for last month.

Here's what new data from the producer price index says about where inflation is headed, according to economists.