UK Inflation Surges to Highest Rate in Four Months Driven by Energy Costs
UK inflation has risen by 2.9%, the highest rate in four months, primarily due to a significant increase in energy bills. Chancellor John Healey highlighted that the ongoing Iran war continues to exert pressure on domestic prices, contributing to this inflationary trend.
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Jump in energy bills drives UK inflation to highest rate for four months
A 2.9% rise in inflation had been widely expected by economists, with Chancellor John Healey saying the Iran war “continues to impact prices here at home”.
UK Inflation Jumps to 2.9% as Energy Bills Bite
Inflation has leaped up following the reset of the energy price cap, official data has revealed, marking the likely beginning of a long run of increases in price growth. The Office for National Statistics (ONS) put the consumer price index inflation reading at 2.9 per cent for the 12 months to July. The previous inflation reading was 2.6 per cent. Services inflation, a measure closely watched by Bank of England policymakers given it provides signals on wage pressures, eased to 3.4 per cent while core inflation, which strips out food and energy,…
UK July inflation hits four-month high as energy costs surge
UK July inflation hits four-month high as energy costs surge
U.K. Inflation Surges as Iran War Threatens Further Price Pressures
Inflation was driven by a surge in household energy costs and reached the highest annual rate since March, when prices spiked following the outbreak of the war in Iran.