UK Inflation Hits 2.9% Amid Ongoing Price Pressures

UK inflation has risen to 2.9%, according to the Office for National Statistics (ONS). The increase is partly due to furniture prices, which were lower than expected this time of year, and clothing discounts being less generous.

Chancellor John Healey attributed some of the price pressure to the ongoing Iran war, but emphasized that Britain's economy remains resilient. To alleviate some of the burden on households, he pointed out that VAT has been cut on electricity bills and bus fares capped at £2.

Healey acknowledged that more needs to be done to restore hope and build a stronger economy where prosperity is shared fairly across Britain.