UK Inflation Hits Highest Rate Since March Amid Soaring Energy Prices

Inflation in the UK has risen to its highest rate since March due to soaring energy prices. The Consumer Prices Index (CPI) inflation rose to 2.9% in July, up from a 15-month low of 2.6% in June.

The significant increase is largely attributed to the 13% hike in Ofgem's energy price cap last month, which saw the average gas and electricity bill rise by £221 to £1,862 per year.

The Office for National Statistics (ONS) also reported that core inflation, which excludes energy and food costs, remained locked at 2.6% in July, unchanged from June.

However, experts warn that households can expect to continue feeling the pinch as there is no end in sight to the conflict in Iran, which continues to impact global energy prices.