July energy costs drove UK inflation
Inflation in Britain rose to 2.9% in July, the highest level since March, due to an increase in energy bills after the energy regulator raised the price cap by 13%. The rise was driven by higher household energy costs, excluding food and fuel prices. Market expectations also increased regarding ongoing monetary tightening and interest rate hikes in many countries. Meanwhile, housing prices experienced their largest decline since 2018, amid rising recession rates.
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