The UK's inflation rate has risen for the first time this year - as expected - by 2.2%.

It means overall prices have risen by an 2.2% in the year to July, above the Bank of England's 2% target.

The increase was widely expected due to the prices of gas and electricity falling by less than they did the year prior.

The rate is expected to rise further before falling again.

Grant Fitzner, chief economist at the Office for National Statistics (ONS), said: "Inflation ticked up a little in July as although domestic energy costs fell, they fell by less than a year ago.

"This was partially offset by hotel costs, which fell in July after strong growth in June."

Bankers at the Bank of England and economists polled by Reuters had anticipated a 2.3% rise, which could encourage interest rate setters to lower rates sooner rather than later.

Core inflation, which measures price rises excluding volatile food and energy costs, dropped from 3.5% to 3.3%.

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