The UK inflation rate is up for the first time this year.

Prices went up by 2.2% in the year until July – moving the rate above the Bank of England target of 2%.

Experts had expected an uptick as energy prices are falling by less than they did a year ago.

The increase doesn’t seem to change hope for further interest rate cuts in the months to come – but what else can we expect from the economy this autumn as the new government continues to warn about the economic “challenges” it’s inherited and as the chancellor prepares her first budget for late October?

Joining Niall Paterson is our business correspondent Paul Kelso and political correspondent Darren McCaffrey.

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