JP Morgan warns rebound in UK inflation is ‘warning shot for what could come next’; oil prices rise again – business live
Inflation rebound driven by biggest jump in gas bills since October 2022; Asian shares slump after Wall Street chip sell-off Britain’s new prime minister Andy Burnham has pledged to ease cost of living pressures, and has already announced measures including a tax cut on household electricity prices and a cap on bus fares.
John Healey said in response to the latest inflation figures: Iran war inflation continues to impact prices here at home, but Britain’s economy is resilient.
We have cut VAT on electricity bills and capped bus fares at £2 – to give breathing space to those feeling the strain.
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.
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