GB News' breakfast programme was halted for major breaking news as presenters Eamonn Holmes and Ellie Costello delivered the latest on inflation from the Official National Statistics (ONS), which comes as a major blow to Chancellor Rachel Reeves. Ellie reported: "Inflation has risen once again, rising to 3.8% in July, that's slightly higher than economists had expected." She explained: "It's up from 3.6% in June and the Bank of England has forecasted that inflation will increase further this year and peak at around 4% in September."

A frustrated Eamonn interjected: "That's bigger. I think these figures today are irrelevant, 0.2%. But if they're going to go to four, that's very significant. That's bad news for us all." Ellie agreed: "Yeah, it is, and the ONS has commented on it this morning and said 'the main driver behind this is a hefty increase in air fares, the largest July rise since 2001." This prompted Eamon to question: "Air fares? Why would that even be reflected in our lives?"

His co-host suggested: "It's the timing of the school holidays isn't it, so of the air fares have gone up, its probably reflected in the inflation."

Eamonn added: "I think in most people's day-to-day lives, air fares don't play a part, although I have to say as a commuter between London and Belfast, the fares are absolutely shocking and disgraceful."

After Ellie remarked: "Well, you've noticed it then, I've noticed it," the 67-year-old fired back: "Noticed it? I've got to live with it. I mean, you could be paying £250 for a single fare, I could get to Brazil for £250."

As the Government has not confirmed how it will determine the cap on regulated fare rises in 2026, the formula used to predict inflation could see a major fare increase next year, with the cost of train travel jumping by 5.8%.

Pressure group Railfuture told the PA news agency "it would be outrageous" if fares rose by that much.

The ONS said the school summer holidays helped bump up travel costs last month, which helped drive up inflation across the UK.

Grant Fitzner, the ONS's chief economist, said: "The main driver was a hefty increase in air fares, the largest July rise since collection of air fares changed from quarterly to monthly in 2001.

"This increase was likely due to the timing of this year's school holidays. The price of petrol and diesel also increased this month, compared with a drop this time last year.

"Food price inflation continues to climb - with items such as coffee, fresh orange juice, meat and chocolate seeing the biggest rises."