UK inflation is set to have eased last month in a temporary boost for the new Prime Minister ahead of a jump in the household energy price cap. Ofgem's energy price cap increased by 13% in July (Andrew Matthews/PA)This was driven by news of an interim ceasefire deal between the US and Iran, prompting oil prices to fall below pre-crisis levels. Household energy inflation is expected to have taken a step down last month, but economists are viewing this as temporary relief before Ofgem's new energy price cap took effect at the beginning of July. Tensions in the Middle East have also flared again and Brent crude oil prices have been rising during July. "However, oil prices have rebounded in July as tensions escalate which means inflation is still likely to peak at around 3.4% in November," he said.