Inflation in the UK fell to 9.9% in August

Inflation in the United Kingdom eased somewhat in August as lower petrol and diesel prices gave consumers hope that the UK cost of living crisis would subside.

The Office for National Statistics said the consumer price index rose 9.9% in the 12 months to August, compared to a 40-year high of 10.1% last month and below economists’ expectations, who had expected it to hit ten%.

The office indicated that gasoline prices fell 7.5 percent to 175.2 pence ($2.01) per liter in August due to lower oil prices on world markets. Despite the comfort motorists have experienced since the fuel cap was imposed, the price of gasoline is still 32 percent higher than a year ago, indicating that the high cost of milk, cheese and eggs has pushed food prices up by 13.1 percent. a year until August.

Electricity prices increased by 54 percent during this period, and natural gas prices by almost 96 percent.

The UK economy has been hit hard by the global price shocks caused by the situation in Ukraine, with British consumers growing faster than in other major countries over the past year.

Prime Minister Liz Terrace decided last week to alleviate Britain’s woes by announcing a cap on domestic gas and electricity prices to avoid an 80% increase in domestic electricity bills this winter.

Source: AP