The UK inflation rate has eased slightly although prices are still continuing to rise at nearly their fastest rate in 40 years.
Inflation – a measure of price rises – dipped to 9.9% in the 12 months to August, from 10.1% in July, the Office for National Statistics (ONS) said.
The Bank of England has said inflation could peak at more than 13% this year.
Falling petrol prices were the main reason the pace of inflation eased.
Petrol prices fell by 14.3p per litre between July and August, while diesel prices also dipped.
Fuel prices have been surging, driven by the war in Ukraine, and moves to reduce Europe’s dependence on Russian oil.
But wholesale costs fell after fears of a recession in the US hit demand for oil.
However, food prices continued to soar in August, partially offsetting the fall in fuel prices.
Food and soft drink prices rose by 1.5% over the month, the largest July to August rise since 1995.
The rise in global food prices following Russia’s invasion of Ukraine has been one of the factors pushing up prices at supermarket tills.
The war has disrupted supplies from the two countries, which are major exporters of goods such as sunflower oil, wheat, and fertiliser.
Inflation is the pace at which prices are rising. For example, if a bottle of milk costs £1 and that rises by 5p compared with a year earlier, then milk inflation is 5%.
Over half of Lebanon’s GDP comes from remittances, report says
Of those households, 32 per cent reported that without remittances, they could not cover expenses. Forty-one per cent told the Mercy Corps, a humanitarian NGO, that they could not cover most basic needs without financial help from abroad. Households receive...
Cuyahoga County approves $5 million innovation fund with Cleveland Foundation to stop overdose deaths, as guided by forthcoming advisory committee
Cuyahoga County Council on Tuesday voted to turn over $5 million to the Cleveland Foundation to fund innovative solutions to the county’s opioid epidemic. What those new strategies will be or how much money they receive will largely be up to a 9-member advisory...
Our Businesses
Businesses We Endorse
Submit your event
We will be happy to share your events. Please email us the details and pictures at publish@profilenewsohio.com
Address
P.O. Box: 311001 Independance, Ohio, 44131
Call Us
+1 (216) 269 3272
Email Us
Publish@profilenewsohio.com