UK July inflation rises to 2.9%, with the increase in the energy price cap as the main driver

(1) Data from the UK's Office for National Statistics shows that the annual CPI rate rose to 2.9% in July, in line with market expectations. (2) This figure is higher than June's 2.6%, mainly driven by the increase in the energy price cap. (3) UK energy regulator Ofgem raised the price cap for residential gas and electricity bills by 13%, with the new prices officially taking effect on July 1.