UK inflation increases in July, driven by a surge in gas bills; oil prices rise again – business live

{"#JP Morgan's Warning":-1,"The rise in UK inflation is a warning shot for what could come next, according to JP Morgan investment manager Jonathan Raymond. The war in the Middle East continues to impact prices here at home, but Britain’s economy remains resilient with measures like VAT cuts and bus fare caps in place. 2.0, ":"A renewed spike in inflation has been expected as the war in the Middle East continues to navigate a clunky ceasefire. Things remain far from normal in the Strait of Hormuz and look unlikely to be resolved any time soon, meaning pressure is likely to remain on prices for the remainder of the year at least.","#Energy Prices":-1,"The increase in global energy prices has been felt 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. 2.0, ":"As the situation in the Middle East remains uncertain, the continuation of elevated energy costs remains the largest challenge for consumers and businesses.","#Services Inflation":-1,"Falls in services inflation and shop prices are helping to offset some of these pressures for now but the jury is out on whether this will last. 2.0, ":"While one data reading doesn’t always tell the whole story, this rebound in UK inflation is a warning shot for what could come next. We are keeping an eye out to see whether higher global energy prices have a knock-on effect for consumer goods prices, electronics and the wider artificial intelligence build out.","#BOE's Interest Rate":-1,"The Bank of England held its benchmark interest rate at 3.75% last month even though inflation was above its 2% target. If goods inflation accelerates, then it will become difficult for BOE policymakers to maintain rates at the current level. 2.0, ":"If higher global energy prices have a knock-on effect on consumer goods prices and electronics, this could present a challenge for the Bank of England who are keen to avoid hiking rates."}