UK cost crisis looms with rising energy costs

British households are facing increased financial pressure as rising energy bills, following a 13% cap increase by Ofgem, are expected to push July inflation to nearly 3%. Economists predict that the surge in gas and electricity costs will raise the UK inflation rate to 2.9%, up from 2.6% in June, amid ongoing global energy market volatility caused by the Iran conflict. The Bank of England considers interest rate hikes to counteract high inflation, while recent government measures aim to alleviate consumer costs, though experts warn inflation may rise further due to global energy uncertainties.

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