UK Inflation Surges to Highest Level Since March on Energy Price Hike

UK inflation has hit its highest level since March due to rising energy prices. The Office for National Statistics (ONS) reported that consumer price index (CPI) inflation rose to 2.9 percent in July, up from a 15-month low of 2.6 percent in June.

The increase followed a significant hike in Ofgem's energy price cap last month, which increased the average gas and electricity bill by £221 ($300) to £1,862 a year.