FX.co ★ UK Core RPI Ticks Up to 3.1% in July, Breaking Disinflation Trend

The United Kingdom’s Core Retail Price Index (Core RPI) accelerated to 3.1% year-over-year in July 2026, edging higher from 2.9% in June 2026. The latest reading, updated on 19 August 2026, suggests a modest firming in underlying price pressures after a period of easing inflation.

The Core RPI measures the annual change in retail prices excluding volatile components, comparing July 2026 to July 2025. By contrast, June’s 2.9% figure was based on a year-over-year comparison with June 2025. The uptick in July underscores that, while headline inflation pressures may have cooled from previous peaks, core price growth remains resilient.

The move from 2.9% to 3.1% will likely draw attention from market participants assessing the Bank of England’s policy trajectory, as it points to a pause—or potential reversal—in the recent disinflation trend in core retail prices. Investors and analysts will be watching upcoming data to determine whether July’s increase marks a one-off fluctuation or the start of a more persistent re-acceleration in core inflation.