Accelerating price increases in July add to pressure on households, with chancellor saying ‘there is more to do to restore hope’
UK inflation rose to 2.9% in July as the impact of the Iran war on energy prices triggered a renewed cost of living squeeze for British households.
The Office for National Statistics said inflation rose from a 15-month low of 2.6% in June, driven by the rising price of gas and electricity. Matching City economists’ forecasts, it was the first rise in the annual rate as measured by the consumer prices index since March.
