UK Inflation Hits 2.9%, Producer Prices Eased Amid Lower Oil Costs

The UK's inflation rate accelerated to 2.9% in July, meeting expectations according to the Office for National Statistics. This rise was driven by higher housing and household services costs.

On the other hand, producer price pressures eased due to lower oil costs. Input prices rose 4.9% annually but slowed from a revised 7.4% in June. Factory gate output price inflation also eased to 3.1% from 3.5%.

Smith & Nephew announced the departure of its Chief Financial Officer, John Rogers, who will leave on September 30 to take up an external role in the US. Senior Vice President Finance & Group Controller Pierre Palassian has been appointed interim CFO.