United Kingdom: inflation rising to 2.9% in July

Inflation in the UK rose to 2.9% year-on-year in July, from 2.6% in June, fueled mainly by rising energy prices linked to the ongoing war with Iran. The Guardian reports this, citing official data.

The acceleration, in line with economists' expectations, comes after regulator Ofgem increased the cap on gas and electricity bills for households by 13% in July. According to estimates, the increase in energy tariffs would have contributed approximately 0.44 percentage points to the overall inflation rate, partly offset by the decline in petrol and diesel prices.