Inflation FALLS despite forecasts - with food price increases slowing down
manchestereveningnews.co.ukThe rising cost of living has slowed down slightly according to surprise new official figures. The Office for National Statistics (ONS) says annual inflation stood at 6.7% in August, down from 6.8% in July.
This morning's announcement stands in contrast to forecasts made ahead of the announcement, when rising petrol prices had been expected to increase inflation.
Grant Fitzner, chief economist at the ONS, said: “The rate of inflation eased slightly this month driven by falls in the often-erratic cost of overnight accommodation and air fares, as well as food prices rising by less than the same time last year. “This was partially offset by an increase in the price of petrol and diesel compared with a steep decline at this time last year, following record prices seen in July 2022.
Core inflation has slowed this month by more than the headline rate, driven by lower services prices.” READ MORE: 'I have an XL Bully and I trust her 100 per cent - she would not hurt anyone' READ MORE: Manchester needs a bigger city centre with more offices to grow like London, report recommends The UK had been predicted to see the first increase in inflation for six months before the announcement today (September 20).
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