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.

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