UK Inflation Set for Four-Month High Amid Energy Price Swings

The UK's Office for National Statistics is set to release July CPI data on Wednesday, which is expected to show annual headline inflation at a four-month high of 2.9% YoY.

This would surpass the Bank of England's forecast of 2.8% and move further away from its 2% target.

The British Pound (GBP) is expected to be affected by the release, as it could impact market expectations for a September interest-rate hike by the BoE.