The latest price inflation figures from the Office for National Statistics (ONS) show petrol prices and clothes pushing up the official measure, again.
The Consumer Prices Index (CPI) measure of price inflation stood at 2.9% for the twelve months to June, up from 2.7% the previous month.
Markets were expecting CPI to reach 3% this month, although at 2.9% it still represents a 14 month high for the measure.
CPI is slightly higher than the levels experienced during the past year, but remains lower than the levels reached between the start of 2010 and spring 2012.
Higher petrol prices and clothing prices compared to a year ago have ensured that price inflation was pushed higher in June.
There was as a large downwards contribution to inflation from air transport.
The Retail Prices Index (RPI) measure of price inflation was also up in June, from 3.1% to 3.3%.
At 2.9%, new Bank of England governor Mark Carney has narrowly avoided the need to write to the Chancellor George Osborne to explain why price inflation is 1% or more above the government target of 2%.
If inflation continues to rise, the Bank of England could face real challenges in maintaining looser monetary policy, particularly if the economy enters a phase of sustained recovery.
