UK Inflation Hits 2.9% Amid Energy Price Spike

Britain's annual inflation rate has climbed to 2.9 percent in July, driven by higher energy bills, according to official data released Wednesday.

The Consumer Prices Index (CPI) rose from 2.6 percent in June, with the main contributor being a 13 percent hike in the price cap on household energy bills that took effect last month.

This increase is attributed to the ongoing US-Iran war, which has led to the largest rise in gas prices for almost four years, according to the Office for National Statistics (ONS).

Britain's new Prime Minister Andy Burnham has pledged to ease cost-of-living pressures through measures such as a tax cut on household electricity prices and a cap on bus fares.