For the 12 months up to June 2024, inflation has remained at 2%, continuing on from 2% for May.
Inflation is the price of things going up over time, and 2% is the target for the Bank of England.
This is good news overall, and means prices overall are rising at an acceptable rate. Although by not falling below 2%, this could mean that interest rates remain around the same for a bit longer, as the Bank of England is happy with the current situation.
The Bank of England interest rate is the interest rate banks get from the Bank of England for storing their money.
The Bank of England interest rate affects the interest rate you get from banks for things like savings and mortgages – so currently may mean savings and mortgage rates stay the same for a while longer.
