Consumer Index measure came in at 9.9 percent in august that was down from 10.1 in July. The market has been looking for around 10.1 percent but this is first drop in inflation that we’ve seen since September 2021.
The reason behind it was a drop in petrol prices during the month they fell by around 14.3 pence per liter. There are still lot other things contributing to higher inflation such as food inflation which was 13.1 percent up during the month from 12.7 percent in July.
The office for national statistics came pointing out that there are few anomalies related to covid. That you always get a rise in clothing price this time of year because autumn ranges come into shops and the summer sales comes to an end.
There are plenty more inflation to come, producer price inflation which is a key driver. Most of the people says don’t expect inflation peak until at least October of this year.
