The UK’s rate of inflation cooled in July to 2 percent, down from near three-year highs of 2.5 percent in June, but was pushed higher by petrol prices hitting highs not seen for nearly eight years. The Office for National Statistics (ONS) said the Consumer Prices Index (CPI) is now in line with the Bank of England’s target and was reduced due to a fall in clothes prices as summer sales took place. The cost of recreational goods and services also fell, particularly the cost of routers, web cams, and computer software, the ONS said. Official figures undershot the expectations of analysts, who had predicted that it would rise to 2.3 percent for the month. The reading will ease concerns over the potential for soaring inflation with signs the recent high rates are easing. It follows the United States posting its own 5.4 percent CPI inflation rate for July last …