Energy Prices Push UK Inflation to 2.9%
UK inflation has risen to 2.9% for the year ending in July, driven by higher energy prices according to the Office for National Statistics (ONS).
The increase from 2.6% in June is largely due to Ofgem's 13% hike in the price cap on household gas and electricity bills, which came into effect on July 1st.
According to Investec economist Ellie Henderson, the cap rise alone will have added 0.5 percentage points to inflation for July.