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UK labour market report scores for MPC hawks

UK inflation and labour market data support the case for an early rise in interest rates, in the judgement here.Headline and core consumer price inflation were unchanged at 2.6% and 2.4% respectively in July, against expectations of rises to 2.7% and 2.5%. Both are still heading higher, however, and the July results do not suggest an undershoot of the latest Inflation Report forecast.
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