Forex
Burnham Vows Support as UK Inflation Hits Four-Month High
UK Prime Minister Andy Burnham has pledged to help households navigate 'really hard' times as inflation surges to a four-month high. The Consumer Prices Index (CPI) hit 2.9% in July, up from 2.6% in June and the highest level since March.
The increase is attributed to the 'effect of the conflict in the Middle East', according to Burnham. However, experts at Cornwall Insight predict further energy bills misery ahead for winter months, forecasting a 4% rise when the next quarterly cap for October to December is announced on August 26.
The Ofgem energy price cap rose by 13% last month, increasing the average gas and electricity bill by £221 to £1,862 per year. This has left many households struggling with rising costs.