Inflation measured on the Consumer Prices Index (CPI) increased to 0.6% in the year to July 2016 according to the Office for National Statistics (ONS).
Meanwhile RPI has risen to 1.9% for the year to July, up from 1.6% in the year to June.
It comes as industry figures have been looking for a sense of where inflation is heading in wake of Brexit and how it could affect defined benefit (DB) pension schemes.
JLT Employee Benefits director Charles Cowling said: "Latest inflation figures confirm a Brexit double whammy for pension schemes, the first post-Brexit evidence of the impact of falling sterling on UK prices.
"The July rise in inflation heaps further woes on pension schemes that had already seen their deficits soar post Brexit as a result of the latest round of quantitative easing (QE) and falls in interest rates. With pension benefits being linked to inflation, deficits will likely worsen further, adding pressure on trustees and companies alike."
These measures which depress yields further and increase inflation mean schemes will generally find it harder to meet their liabilities.
According to BoE's monetary policy committee (MPC) minutes for its 5 August meeting: "The fall in sterling is likely to push up on CPI inflation in the near term, hastening its return to the 2% target and probably causing it to rise above the target in the latter part of the MPC's forecast period, before the exchange rate effect dissipates thereafter."
Hymans Robertson partner Patrick Bloomfield said following the rate cut these inflationary measures signal more pain for pension schemes.
"Above target inflation will flow through to higher pension indexation, putting yet more pressure on scheme finances and cashflow. Those who've planned ahead will weather the storm, but those who haven't could become forced sellers of assets at just the wrong point in the economic cycle."
Growing deficits have added to calls for the way members' benefits are calculated.
Paying out pensions based on the Retail Price Index (RPI) is usually more expensive for schemes compared to CPI, because RPI is generally higher than CPI.
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