UK inflation jumped to 2.9% in July, fueled by a 13% surge in energy bills — exactly as economists predicted. While the Bank of England forecasts higher inflation later this year, cooling labor markets and slowing food prices (down to a near two-year low) offer some relief. The new government faces pressure to tackle living costs, but limited fiscal space complicates action. Signs point to a contained spike, not a repeat of last decade’s runaway inflation.
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