UK Inflation Hits 2.9% Amid Ongoing US-Iran War

Britain's annual inflation rate rose to 2.9 percent in July, exceeding expectations and largely driven by higher energy bills.

The Consumer Prices Index (CPI) increase was announced by the Office for National Statistics on Wednesday, with energy prices seeing a 13 percent hike due to the ongoing US-Iran war.

This marks the largest rise in gas prices since almost four years ago and has prompted calls for action from new Prime Minister Andy Burnham.

Burnham's government has pledged to ease cost-of-living pressures, including a tax cut on household electricity prices and a cap on bus fares.