UK Cost of Living Squeeze Tightens: Inflation Jumps to 2.9%, Energy Bills Head for Three-Year High

UK inflation snapped back to 2.9% in July, up from a 15-month low of 2.6% in June, as the full force of the Iran war's energy shock hit household bills. The Office for National Statistics confirmed the biggest jump in gas prices since Russia's invasion of Ukraine in 2022, after Ofgem's 13% energy price cap increase landed at the start of July. The acceleration is the first since March and a stark reversal of the relief households had been enjoying. With the Bank of...