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The cost of living is now at its lowest point in a year and a half thanks in part to a surprising decline in inflation in August caused by slowing food prices.
According to official data, inflation, which measures how prices fluctuate over time, decreased from 6.8% in July to 6.7% in the year to August.
The figure has decreased for three months in a row.
The rate of price increases for milk, cheese, and eggs was the slowest, while prices for fish and vegetables also decreased.
Hotel and airfare costs also decreased, despite an increase in gasoline prices.
When the pace of inflation decreases, rather than prices decreasing, it just means that they are rising more slowly.
The August number surprised several observers who had predicted an increase.
The news, according to Chancellor Jeremy Hunt, demonstrated that the effort to combat inflation is effective.
However, it is still too high, making it all the more crucial to follow through on our commitment to cut it in half so we can relieve the strain on households and businesses. It is the only way to achieve higher growth that can be sustained.
Following Russia’s invasion of Ukraine, food prices increased globally, which was one of the factors driving up prices at supermarket checkout lines.
The two nations, who are significant exporters of items including sunflower oil, wheat, and fertilizer, saw their shipments disrupted by the conflict.
While still significant, the rate of food price inflation has recently been moderating.
Credits: BBC
