Lower pump prices meant a drop in UK inflation for the first time in a year in August. A month earlier, the figure, which shows the percentage of price increases on average, reached its highest level in forty years.
Inflation last month was 9.9 percent, up from 10.1 percent in July. The UK is therefore in the European sub-top, along with the Netherlands and Spain. It is mainly energy prices that make everything more expensive.
Although the percentage is still staggeringly high, the seventh-largest economy in the world has its first decline in inflation since September 2021. The Bank of England has postponed its interest rate decision by one week – a higher interest rate may hold back the inflation – due to the death of Queen Elizabeth.
The inflation rate in the United States, announced on Tuesday, caused a shock on the financial markets. That figure has remained alarmingly high.
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