UK Inflation Hits 2.9%, Clothing Prices Rebound Amid Gas Price Surge

The UK's consumer prices index (CPI) rose to 2.9% in July, up from 2.6% in June and marking its first increase since March.

Clothing and footwear prices rebounded with a 0.5% annual inflation rise after falling by 0.5% in June.

Gas prices increased by 14.7% in July, the largest jump since October 2022, driven by changes to standard variable tariffs following an Ofgem energy price cap change.