According to CoinMeta, Suren Tiru, the chief economist of the Institute of Chartered Accountants in England (ICAEW), stated that the inflation rate in the UK rebounded to 2.9% in July, once again raising the possibility of further interest rate hikes by the Bank of England. He pointed out that the increase in July is unlikely to be a one-off event; drought has led to rising food prices, and soaring energy costs have increased the likelihood of inflation rates exceeding 3.5% later this year, especially with ongoing disruptions in traffic through the Strait of Hormuz. Although the decline in inflation rates in the service sector is unlikely to reassure the Bank of England's policymakers, these data increase the likelihood of further tightening of monetary policy before the end of 2026.