Inflation in the UK fell back to single digits at 9.9%

Inflation in the UK fell back to single digits at 9.9%

The UK consumer price inflation rose to 9.9% in the 12 months to August, down slightly from 10.1% in July, when it hit a 40-year high, according to data released by the Office for National Statistics (ONS) on Wednesday.

The main contributors to inflation were rising costs for household services, transport, food and soft drinks, the ONS said, while falling petrol prices lowered the figure.

The ONS said the consumer price index, including homeowners’ housing costs, rose 8.6% in the 12 months to August, from 8.8% in July.

Inflation rose in Europe and the United States, largely due to Russia’s war against Ukraine.

The Bank of England expects inflation to accelerate to 13% in the final quarter of this year and remain at very high levels for much of 2023 before falling to the 2% target in 2024.


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