Inflation rebound driven by biggest jump in gas bills since October 2022; Asian shares slump after Wall Street chip sell-off
Julian Jessop, independent economist and economics fellow at the Institute of Economic Affairs, a free-market think tank, said:
Market forces are helping to keep inflation in check, despite the headline rate jumping to 2.9%.
As expected, the bulk of the rise was driven by higher household energy bills following the increase in the Ofgem cap. Most other components were little changed, while food price inflation fell again, providing little support for claims that supermarket ‘price gouging’ is driving up grocery bills.
