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Key eventsShow key events onlyPlease turn on JavaScript to use this featureIntroduction: Energy price cap set to be set todayGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The cost of living could be about to get even tighter, as households find out whether their energy bills will rise again this autumn.Ofgem, the energy regulator, is due to announce the latest price cap on the cost of a unit of energy at 7am.Analysts expect the cap to rise due to recent increases in wholesale gas and electricity prices. Consultancy Cornwall Insight have predicted Ofgem will increase the cap by about 1% to £1,737 a year for a dual-fuel household, from the current level of £1,720.A rise in energy prices would act as yet another driver for high inflation. Official figures showed last week that UK inflation rose in July to a higher-than-expected 3.8% amid higher food prices and travel costs. It marked the 10th consecutive month that inflation has sat above the Bank of England’s 2% target.The new cap will come into effect in October and remain in place until the end of the year. The energy price cap sets the maximum that a supplier can charge for a unit of energy (there’s no cap on how high a bill can go).Elsewhere, overnight Donald Trump has imposed 50% tariffs on most US imports from India, following through on his threat to punish one of the world’s largest economies over its purchases of discounted Russian oil.The tariffs, which came into effect just after midnight on Wednesday in Washington, risk inflicting significant damage on the Indian economy and further disrupting global supply chains.US tariffs of 25% on Indian goods went into force earlier this month, but Trump announced plans to double the rate, citing India’s purchases of Russian oil, which the White House has argued is indirectly funding Russia’s war against Ukraine.The agenda
7:00AM BST: Energy regulator Ofgem announces UK energy price cap for October-December
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