The Office of National Statistics says consumer price inflation rose to 0.5%

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Activists and supporters of Congress party hold up a garland made of vegetables as they protest against rising prices of vegetables in Ahmadabad, India, Thursday, June 23, 2016. A double-digit spike in vegetable prices have pushed the wholesale based inflation to 0.79% in May, way higher than 0.34% recorded in April. India's retail inflation has inched up to a two-year high of 5.76% in May. (AP Photo/Ajit Solanki)

The Office of National Statistics says consumer price inflation rose to 0.5 percent in the year to June from 0.3 percent in the year to May as rises in airfares and oil prices pushed the figure to one of its highest levels this year.

Chris Williamson, chief economist at IHS Markit, says the June rate was based mainly on data collected prior to the June 23 referendum — ignoring the dip in the pound that followed the vote to leave the European Union.

Meanwhile, Moody’s Investors Service says Britain’s creditworthiness is under pressure because of uncertainty after the vote.

Kathrin Muehlbronner, a senior vice president at Moody’s, says “the UK’s institutions will be tested,” by the number of complex economic and trade issues it will face in the coming years.

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