Consumer prices were up 2.7% in July from a year earlier, unchanged from June’s gain

The FOMC July meeting minutes show that the Federal Reserve is leaning toward inflation data rather than unemployment rates as its basis for establishing interest rates — a deviation from September last year, when it cited a weak labour market as the main reason for easing rates.

The Bank of England currently expects inflation to hit 4% in September, the all-important month for pensioners. Wage growth is currently slightly higher than this at 4.6% (including bonuses), although it could shift slightly in next month's report.

The U.K.’s annual inflation rate hit a hotter-than-expected 3.8%in July, according to data released by the Office for National Statistics (ONS) on Wednesday. Economists polled by Reuters had anticipated inflation would reach 3.

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 cost of wholesale goods and services — where rising inflation tends to show up first — in July posted the biggest increase in three years, possibly heralding a sizable acceleration in price increases tied to higher U.

The Bureau of Labor Statistics reported the producer price index jumped more than expected in July, spurring renewed concerns about inflation's economic impact.

Wall Street's main indexes eased on Thursday, after a hotter-than-expected producer prices report dampened investor expectations of potential interest-rate cuts by the Federal Reserve this year.