Economists anticipate that July's consumer price index (CPI) inflation data will reveal an uptick when official figures are released next Wednesday (August 20).
Office for National Statistics (ONS) figures are predicted to come in between 3.7 per cent and 3.8 per cent, marking an increase from the 3.6 per cent Consumer Prices Index (CPI) rate recorded in June.
Deutsche Bank's senior economist Sanjay Raja forecasts the figure could reach 3.8 per cent, describing the price momentum as moving "further into uncomfortable territory".
However, Oxford Economics' chief UK economist Andrew Goodwin expects a slightly lower rise to 3.7 per cent once July's CPI rate is confirmed by the ONS.
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Economists are sounding the alarm inflation could rise next week, with the Oasis tour being partially responsible
|GETTY
The anticipated increase reflects mounting pressure from holiday-related expenses during the peak summer travel season, alongside persistent rises in everyday essentials.
Peak holiday period saw travellers facing steeper costs across multiple transport modes. Airfares experienced notable increases as families departed for summer destinations, whilst railway tickets also commanded premium prices during the busy season.
As well as this development holidays became more expensive as tour operators adjusted pricing to match heightened demand.
According to economists, these travel-related expenditures formed a significant component of the inflationary pressure observed in July.
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Oasis have reunited for a world tour this year
| GettyThe timing coincides with school summer holidays, when millions of British families traditionally take their annual breaks.
This seasonal pattern typically drives transport and accommodation costs upward, contributing substantially to monthly inflation calculations.
Notably, economists cite the Oasis reunion tour may have played an unexpected role in pushing accommodation costs higher.
According to Deutsche Bank's analysis, hotel prices potentially surged by as much as nine per cent between June and July, with Manchester experiencing particularly sharp increases.
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The band's concerts drew massive crowds to venues in Cardiff, Manchester, London and Edinburgh throughout July.
Deutsche Bank senior economist Sanjay Raja noted that "the Oasis concerts having a strong impact on Manchester prices alone" contributed to the accommodation price spike.
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Motorists also faced higher expenses, with petrol and diesel prices climbing at forecourts throughout July.
The Bank of England anticipates further increases ahead, projecting inflation to peak at approximately four per cent in September before gradually declining over the following two years.
In its analysis, the central bank attributes this trend primarily to accelerating food and energy prices.