Forex
Iran Conflict Drives UK Inflation to Nearly Four-Month High
UK inflation has risen to its highest rate in nearly four months after energy prices surged following the Iran conflict, official figures show.
The Consumer Prices Index (CPI) inflation rate rose to 2.9% in July from a 15-month low of 2.6% in June, according to data released by the Office for National Statistics (ONS).
June's energy price cap hike pushed average gas and electricity bills up £221 to £1,862 per year, with the largest rise in gas prices seen in nearly four years.
The steep increase was partly offset by lower crude oil costs last month, but these have since rebounded above $90 (around £66) a barrel as tensions persist.
Additionally, furniture and clothing price increases were also contributing factors to the higher inflation rate.