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The rate of inflation in the UK climbed to 2.9% in June, from 2.7% in May. Analysts were expecting a reading of 3%, however, so the cost of living isn’t rising as fast as had been predicted. Though the Bank of England has an inflation target of 2%, it is more focused on economic growth and therefore not likely to curtail its stimulus package in the near future.
Mining giant Rio Tinto has announced a record production level in iron ore for the first half of 2013, and also reiterated its full-year iron ore production target. The stock is up 2.2% this morning.
The US inflation level is announced at 1.30pm (London time). Economists are expecting a reading of 0.3%; if the cost of living comes in much higher there could be fears that the US will taper its QE stimulus package.