Inflation in the UK accelerated to 0.60% on an annual basis, beating estimates of 0.50%. Data from the statistics showed that consumer prices surged to their highest level since 2014. The inflation data covers the period of July, marking one full month of data after the UK voted to leave the EU in late June. ONS statisticians however said that there was no obvious impact on the headline inflation from June. Excluding food and energy components, the UK's core CPI was unchanged at 1.30% on a year over year basis.