According to Jinshi Data, Rob Wood, chief UK economist at Panson Macro, pointed out in a report that although the annual rate of service sector inflation in the UK unexpectedly fell sharply in July, it remained vibrant. Data showed that service prices rose 5.2% year-on-year, lower than 5.7% in the previous month. Wood said this was mainly due to an unexpected drop in the prices of hotel rooms and holiday packages, but this effect may be reversed in August. Overall, service sector inflation is slowing but still strong, which makes it unlikely that the Bank of England will cut interest rates next month, but wait until November.