The headline rate of inflation increased in July as the pressures of lockdown began to ease further.

Consumer price inflation in the UK came in at 1 per cent, compared to 0.6 per cent in June.

The Office for National Statistics says a range of factors helped push the rate of inflation upwards, including price rises for haircuts, physiotherapy and private dental work, as well as some traditional consumer goods like clothing.

However, oil prices were identified as one of the most significant drives. According to the ONS, the period between June and July saw the largest monthly pump price increase in nearly a decade.

International oil prices were particularly subdued earlier this year, making the rebound all the more stark.

The increasing inflation story may not continue for long, however, as The Bank of England has already predicted a fall to -0.3 per cent next month.