UK Inflation Spikes to 2.9% on Energy Price Cap Hike
UK inflation rose to 2.9% in July, driven by an increase in gas prices and a lift to the energy price cap.
The Office for National Statistics (ONS) reported that the 12-month inflation rate reached 2.9%, up from 2.6% in June.
Energy costs rose on July 1 after regulator Ofgem's 13% increase in the price cap, adding £221 a year to the typical household's bill.