Inflation rebound driven by biggest jump in gas bills since October 2022; Asian shares slump after Wall Street chip sell-off
Prices of furniture and household goods rose 1% year on year in July, compared with an annual fall of 0.2% in June, the UK’s statistics office said.
Prices of furniture and furnishings fell in July compared with June, but by less than a year ago. There were smaller upward contributions to infllation from tools and equipment for house and garden, and goods and services for routine household maintenance.
UK headline inflation jumped in July as the Ofgem energy price cap rise hit household bills. The increase was expected but marks a clear reversal from previous months when the headline rate was falling.
Until now, the spike in global energy prices had been felt the most among motorists when filling up their vehicles at the petrol pump. July data shows that the inflationary impact of the US-Iran war is spreading as rising energy costs feed through into higher household bills.
Continue reading...
