UK inflation rises to 2.9% as Iran war fuels living costs squeeze
The Office for National Statistics said the rise was driven by higher gas prices after Ofgem’s 13% energy cap increase, lifting average bills by £221.
- 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.
41 Articles
41 Articles
Above all, housing costs and household services are driving prices, but the core rate of British inflation is a surprise.
Inflation in the United Kingdom rose to 2.9% in July in the annual comparison, before 2.6% in June, recording the highest level since March, driven by the increase in residential energy costs, informed the National Bureau of Statistics (ONS) on Wednesday. Subject matter exclusive to subscribers. To have full access, access the link of the subject and register.
East Midlands Business Link
Business Link MagazineInflation rose in July
Inflation rose in July, new figures from the Office for National Statistics (ONS) show, fuelled by higher energy bills. Measured by the Consumer Prices Index (CPI), inflation rose by 2.9% in the 12 months to July 2026, up from 2.6% the previous month, with housing and household services and furniture making the largest upward contributions […]
Inflation in the United Kingdom rose to 2.9% annually in July, from 2.6% in June, mainly fueled by rising energy prices linked to the ongoing war with Iran. This is reported by the 'Guardian', citing official data. (ANSA)
Coverage Details
Bias Distribution
- 46% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
