UK inflation falls after drop in petrol prices

UK inflation falls after drop in petrol prices.

Falling petrol prices push Britain’s inflation rate back below 10% in August.

The consumer prices index (CPI) dipped from 10.1% in July to 9.9% last month, with cheaper motoring costs more than offsetting the impact of dearer food. Despite the better-than-expected figure, inflation remains more than three times higher than the 3.2% recorded in August 2021 and almost five times higher than the official 2% target.

Data from the Office for National Statistics showed petrol prices dropping by more than 14p a litre in August as a fall in global oil prices was finally reflected in cheaper motoring costs. The annual inflation rate for motor fuels eased from 43.7% to 32.1% between July and August.

Food price inflation rose for a 13th successive month, hitting a fresh 14-year high of 13.1% in August, with marked increases in the cost of milk, cheese and eggs.

The ONS said the cost of food and non-alcoholic beverages had risen throughout 2022, and the 1.5% increase between July and August 2022 was the largest between the two months since 1995.

‍‍

Data from the Office for National Statistics showed petrol prices dropping by more than 14p a litre in August.

The annual inflation rate for motor fuels eased from 43.7% to 32.1% between July and August.

Food price inflation rose for a 13th successive month, hitting a fresh 14-year high of 13.1% in August.

Subsection 2.3 The ONS said the cost of food and non-alcoholic beverages had risen throughout 2022, and the 1.5% increase between July and August 2022 was the largest between the two months since 1995.

‍‍