{
  "id": 1959503,
  "title": "United Kingdom: Energy-driven upside risks – Societe Generale",
  "url": "https://urgent.news/2026/08/19/united-kingdom-energy-driven-upside-risks-societe-generale",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-19T15:05:08.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/united-kingdom-energy-driven-upside-risks-societe-generale-202608191505"
  },
  "original_language": "en",
  "account": "Societe Generale's Sam Cartwright highlights that United Kingdom headline inflation climbed to 2.9% year-on-year in July, primarily due to increased household energy costs. Cartwright predicts that Brent and wholesale gas prices, as well as indirect energy effects, could push the Consumer Price Index (CPI) to around 3.5% by the end of 2026. However, inflation in services and food sectors appears to be easing, and indirect energy spillovers have been limited so far. Looking ahead, headline inflation may rise further in the near term as higher Brent crude and wholesale gas prices affect fuel and household energy expenses. The current inflation data suggests that indirect effects from the energy shock have been limited, mainly because upstream cost pressures take time to trickle down through supply chains. While some spillovers to food and goods inflation are expected, firms with limited pricing power should restrict the extent to which higher input costs are passed on to consumers. The estimation is that these factors, combined with the gradual emergence of indirect effects from the energy shock, will lead headline inflation to approximately 3.5% year-on-year later this year. However, there is significant uncertainty surrounding this forecast due to the volatility in energy prices.",
  "summary": "Societe Generale’s Sam Cartwright notes United Kingdom (UK) headline inflation rose to 2.9% year-on-year in July, driven mainly by higher household energy bills.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "FXStreet",
        "title": "United Kingdom: Upside risks building for inflation – Deutsche Bank",
        "url": "https://urgent.news/2026/08/19/united-kingdom-upside-risks-building-for-inflation-deutsche-bank",
        "published": "2026-08-19T09:29:24.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}