July 2026 CPI rose 0.1% month-on-month, in line with expectations, taking the twelve-month rate down to 3.4% from 3.5% in June. Core rose 0.2% m/m with the annual rate easing to 2.5% - back to its February, pre-Iran-conflict pace, an improvement driven substantially by the energy base that the August oil reversal now un-does.