Higher energy costs push up CPI but jobs slowdown could deter Bank of England from raising interest rates
UK inflation rose to 2.9% in July as the impact of the Iran war on energy prices triggered a renewed cost of living squeeze for British households.
Underscoring the challenge for Andy Burnham’s government to give “breathing space” to hard-pressed consumers, the Office for National Statistics said inflation rose from 2.6% in June.
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This article was originally published by The Guardian and written by Richard Partington Senior economics correspondent.
Read original article on The Guardian