The U.Okay. shopper worth inflation rose by 9.9 p.c within the 12 months to August, easing barely from 10.1 p.c in July, when it reached a 40-year report, in keeping with information launched Wednesday by the Workplace for Nationwide Statistics (ONS).
The key contributors to inflation had been elevated family companies prices, transport, meals and non-alcoholic drinks, the ONS mentioned, whereas falling petrol costs pushed the determine decrease.
The ONS mentioned the Client Worth Index, together with proprietor occupiers’ housing prices, rose by 8.6 p.c within the 12 months to August, down from 8.8 p.c in July.
Inflation has been spiking throughout Europe and the U.S., largely on account of Russia’s struggle on Ukraine.
The Financial institution of England tasks inflation to speed up to 13 p.c within the remaining quarter this 12 months and stay at very elevated ranges all through a lot of 2023 earlier than falling to the two p.c goal in 2024.