The pace of price rises matched the inflation rate in July and comes as the Bank of England meets to discuss interest rates.

Boss Satya Nadella said it was the biggest investment the firm had made outside of the US.

The Federal Reserve is expected to make its first cut to interest rates since 2024.

The UK's 2030 ban on the sale of new petrol and diesel cars is said to be driving the trend.

An agreement to reduce tariffs on UK steel to zero in short order was welcomed with some fanfare in July.