Forex
UK Inflation Hits 2.9% Amid Gas Price Hike
UK inflation has risen to 2.9% in the 12 months to July, according to the latest figures from the Office for National Statistics (ONS).
The increase was driven by higher gas prices and a lift to the energy price cap, which added £221 a year to the typical household's bill.
On July 1st, regulator Ofgem implemented a 13% increase in the price cap on household gas and electricity bills.
This has resulted in goods and services becoming more expensive at a faster pace than in June, when the inflation rate was 2.6%.