Sunday, June 16, 2024

Surprise slowdown for inflation

The rate of inflation decelerated in August, coming in lower than expected, in part due to the easing of food and non-alcoholic beverage prices.

Annualised inflation was 6.7%, decreasing from 6.8% in July.

The better than expected inflation data, which had been anticipated to come in at 7%, is creating hope that the Bank of England may leave interest rates as they are tomorrow.

Meanwhile core inflation, which takes out energy, food, alcohol and tobacco to give a clear picture of underlying trends, rose 6.2% in the 12 months to August 2023, down from 6.9% in July.

While the news has been received positively, the recent rise in global oil and domestic fuel prices, and continuing rise in wages, are causing concern over the future of continued inflation falls.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemichaving a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £31.50 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news