UK inflation rises to 2.9% as Iran war fuels living costs squeeze
- The Office for National Statistics reported that Consumer Prices Index inflation rose to 2.9% in July, climbing from a 15-month low of 2.6% in June as energy costs surged.
- This increase follows a 13% hike in Ofgem's energy price cap last month, which raised the average annual gas and electricity bill by £221 to £1,862.
- Mike Hardie, deputy director for prices at the ONS, attributed the July rise to gas prices, which saw their largest jump in four years, while crude oil prices climbed above 90 US dollars amid the Iran war.
- Chancellor John Healey stated the economy remains resilient, noting the Government has cut VAT on electricity bills and capped bus fares at £2 to provide relief to households.
- SNP Economy spokesperson Kirsty Blackman warned this inflation spike could lead to soaring costs this autumn, urging the Government to act before family finances in Brexit Britain reach a breaking point.
16 Articles
16 Articles
UK inflation rises 2.9% in July on higher energy bills
The rise was spurred by a 13 percent hike in the price cap on household energy bills that took effect last month, a consequence of the ongoing US-Iran war. The post UK inflation rises 2.9% in July on higher energy bills appeared first on Vanguard News.
Inflation Jumps to 2.9% in July
New figures from the Office for National Statistics show that inflation jumped to 2.9% in July, up from 2.6% the month before. As expected by economists… The jump was attributed to a rise in energy prices – especially gas costs – and increases in the price of furniture and clothing. John Healey said: “Iran war…
This increase, in line with market expectations, marks the first acceleration of inflation since March, according to figures published on Wednesday by the National Statistical Office (ONS). "Inflation linked to the war in Iran continues to have an impact on prices here in the United Kingdom, but the British economy remains resilient," said Finance Minister John Healey in a press release. "There is still work to restore hope and build a stronger …
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