The UK’s inflation rate fell under 10% in August, the first decrease in almost a year, thanks to falling fuel prices.
The consumer prices index fell from 10.1% in July to 9.9% in August, with cheaper fuel more than offsetting the impact of more expensive food.
Howvwe, data from the Office for National Statistics (ONS) showed food price inflation rose for a 13th successive month, hitting a 14-year high of 13.1% in August. Marked increases were seen in the cost of milk, cheese, and eggs.
The ONS said the 1.5% increase between July and August 2022 was the largest between the two months since 1995.
Helen Dickinson, Chief Executive of the British Retail Consortium, said: “Inflation eased very slightly this month, but at 9.9%, it remains a significant concern for households who continue to face a cost-of-living squeeze. Energy costs are still the biggest component of inflation, and while the latest announcement to limit the rise in the energy price cap is welcome, consumers still face higher bills in October.
“Despite the substantial cost pressures bearing down on businesses and their supply chains, retailers are trying their best to support their customers. This includes expanding value ranges, implementing price locks on key goods, and raising pay for staff.”
