Presenters Ellie Costello and Alex Armstrong shared some unwelcome news with viewers.
Alex Armstrong and Ellie Costello delivered a breaking news announcement (Image: GB News)
GB News presenters Alex Armstrong and Ellie Costello brought viewers an unwelcome update as they shared some breaking news on the’ breakfast show and it is a huge blow for newly appointed Prime Minister Andy Burnham.
“The UK inflation rate has risen to 2.9% in the twelve months to July,” Armstrong said. Costello chimed in: “Well, this compares to the rate of 2.6% announced last month for the year to June. As a result of hostilities in Iran and global uncertainty has contributed to the rise.” Armstrong confirmed. “Let’s just break that for you one more time. The UK inflation rate has risen to 2.9% in the twelve months month to July, according to the Office for National Statistics…not the news that the government will want to hear today, especially the new Chancellor John Healey,” he said. Costello agreed adding: “Indeed, [it’s] not looking like it’s going in the right direction.”
The increase was widely expected by experts and is up from a 15-month low of 2.6% in June and the highest rate since March.
It comes on the back of a 13% hike in Ofgem’s energy price cap last month, which saw the average gas and electricity bill increase by £221 to £1,862 a year.
Speaking in advance of the figures being confirmed, Investec economist Ellie Henderson said the energy price cap rise alone would contribute an increase of around 0.5%.
She said: “It was already clear at the publication of the June print that any easing in inflationary pressures as per the headline measure wouldn’t last for long, with the July increase to the Ofgem energy price cap likely to erase any progress towards the Bank of England’s 2% target.”
GB News announced breaking news which proved a huge blow for Andy Burnham (Image: Getty)
Ofgem will announce the next price cap level for October to December on August 26.
The inflation rate puts the UK broadly in line with other G7 nations, with France at 2.4% and Germany at 2.8%.
ONS Deputy Director for Prices Mike Hardie said: “Inflation rose in July, driven by a sharp increase in gas prices following this month’s change to the energy price cap. This was the largest rise in gas prices for almost four years.”
“Other upward pressures included furniture prices falling by less than usual for this time of year, and also a smaller fall for clothing prices due to reduced discounting. The prices of raw materials and goods leaving factories slowed again, driven by a drop in the prices of crude oil and refined petroleum respectively.”