Okay inflation unexpectedly fell in August as a drop in resort and air fare prices and a slowdown in meals worth rises helped offset a leap in gasoline prices, based on official figures.
The Workplace for Nationwide Statistics (ONS) stated Shopper Costs Index inflation was 6.7% in August, down from 6.8% in July.
It marks the bottom price since February final yr. Analysts had predicted inflation to speed up final month to a studying of seven.1% as a result of a pointy rise in motor gasoline amid a rebound in oil costs.
Grant Fitzner, the ONS’s chief economist, stated: “The speed of inflation eased barely this month pushed by falls within the often-erratic price of in a single day lodging and air fares, in addition to meals costs rising by lower than the identical time final yr.
“This was partially offset by a rise within the worth of petrol and diesel in contrast with a steep decline right now final yr, following file costs seen in July 2022.
“Core inflation has slowed this month by greater than the headline price, pushed by decrease companies costs.”
