UK inflation has jumped to its highest rate since March after energy prices were pushed up by the Iran war, according to official figures.
The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 2.9% in July, up from a 15-month low of 2.6% in June.
It follows a 13% hike in Ofgem’s energy price cap last month, which increased the average gas and electricity bill by £221 to £1,862 a year.
Mike Hardie, deputy director for prices at the ONS, said: “Inflation rose in July, driven by a sharp increase in gas prices following this month’s change to the energy price cap.
“This was the largest rise in gas prices for almost four years.
“Other upward pressures included furniture prices falling by less than usual for this time of year, and also a smaller fall for clothing prices due to reduced discounting.”
Source link
