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UK Inflation Picks up After July Surge in Energy Bills
- UK inflation rose to 2.9% in July, the highest rate since March, pushed higher by a 13% increase in the Ofgem energy price cap affecting household bills.
- The 13% price cap hike increased average annual gas and electricity bills by £221 to £1,862, moving inflation further from the Bank of England's 2% target.
- Food price inflation slowed to 1.3% in July, the lowest in nearly five years, while core Consumer Prices Index remained unchanged at 2.6% from June.
- Victoria Scholar, head of investment at Interactive Investor, forecasts inflation peaking above 3% later this year, potentially forcing the Bank of England to raise interest rates from 3.75% to 4%.
- Finance minister John Healey stated that "Iran war inflation continues to impact prices here at home," as global energy disruptions maintain pressure on the domestic economy.
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The Mail
The Mail'Cost of doing business crisis' as inflation rises
Rising inflation is putting fresh pressure on businesses.
·Carlisle, United Kingdom
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Fears Grow Over Likely Interest Rate Hike As Inflation Hits 2.9%
·Jersey City, United States
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UK inflation jumps to 2.9 per cent after £221 energy bill hike
UK inflation jumps to highest level since March in fresh challenge for Andy Burnham . UK inflation jumped to 2.9 per cent in July, dealing households a fresh blow after the energy price cap pushed average annual bills up by £221
·London, United Kingdom
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Total News Sources15
Leaning Left1Leaning Right1Center8Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
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