According to CoinMeta, the inflation rate in the UK soared to 2.9% in July, reaching its highest level since March, mainly driven by the surge in household energy costs related to the war with Iran. According to data from the Office for National Statistics (ONS), the Consumer Price Index (CPI) inflation rate rose from 2.6% in June to 2.9% in July. During this period, prices increased by 0.3%, whereas in July last year they only increased by 0.1%. The biggest pressure on price increases came from housing and household services, as energy price caps were raised by 13% between July and September. It is expected that energy price caps may rise another 4% in October due to the Iran conflict, tight natural gas storage in Europe, and strong global demand for liquefied natural gas.