News

UK inflation posts surprise fall to 6.7%

Receive free UK inflation updates

UK inflation was lower than expected in August, falling to 6.7 per cent from 6.8 per cent in July, rather than increasing on the back of higher petrol costs.

The drop in almost all measures of inflation surprised economists and will put pressure on the Bank of England to stop raising interest rates and keep them at 5.25 per cent on Thursday.

Core inflation — excluding food, alcohol and energy prices — dropped from 6.9 per cent in July to 6.2 per cent in August, while the costs of services were up 6.8 per cent in August compared with a year earlier, a lower inflation rate than 7.4 per cent in July.

Articles You May Like

Musk predicts AI will overtake human intelligence next year
Mortgage refinance demand surges even as rates cross back over 7%. Here’s why
Iran signals ‘calibrated’ retaliation to Israeli strike
Lawmakers already working on BIL reauthorization
On markets and geopolitics, it is a mistake to forget about shale