UK Inflation Jumps to 2.9% as Energy Shock Hits Households

UK inflation surged to 2.9% in July, up from 2.6% in June, marking the steepest jump in months as the Ofgem energy price cap reset landed squarely on household bills. The FTSE 100 slipped at the open, dragged down by rising oil prices—Brent crude pushing toward $92 a barrel—and a global bond sell‑off that sent 10‑year gilt yields above 5% for the first time since July 2023.

Headwinds

• Energy costs: The Iran war continues to roil oil markets, and the...