UK inflation unexpectedly fell in August to 6.7% despite a sharp rise in average fuel prices for motorists, easing some of the pressure on the Bank of England to raise interest rates.
In a crunch week for the economy, the Office for National Statistics said the annual inflation rate as measured by the consumer prices index continued to drop for the sixth month in a row from a reading of 6.8% in July.
It comes with financial markets poised for the Bank of England to raise interest rates for the 15th consecutive time on Thursday, in what many economists expect to be the final move since it began to increase borrowing costs in December 2021.
This was partly offset by the soaring cost of petrol and diesel, amid a sharp rise in global oil prices.
Core inflation – which excludes energy, food, alcohol and tobacco – fell by more than expected from 6.9% in July to 6.2% in August, driven by lower services prices.
Rachel Reeves, the shadow chancellor, said “The prime minister is too weak to turn things around, while his predecessor Liz Truss continues to call for the same policies that crashed the economy this time last year.
The original article contains 347 words, the summary contains 200 words. Saved 42%. I’m a bot and I’m open source!
This is the best summary I could come up with:
UK inflation unexpectedly fell in August to 6.7% despite a sharp rise in average fuel prices for motorists, easing some of the pressure on the Bank of England to raise interest rates.
In a crunch week for the economy, the Office for National Statistics said the annual inflation rate as measured by the consumer prices index continued to drop for the sixth month in a row from a reading of 6.8% in July.
It comes with financial markets poised for the Bank of England to raise interest rates for the 15th consecutive time on Thursday, in what many economists expect to be the final move since it began to increase borrowing costs in December 2021.
This was partly offset by the soaring cost of petrol and diesel, amid a sharp rise in global oil prices.
Core inflation – which excludes energy, food, alcohol and tobacco – fell by more than expected from 6.9% in July to 6.2% in August, driven by lower services prices.
Rachel Reeves, the shadow chancellor, said “The prime minister is too weak to turn things around, while his predecessor Liz Truss continues to call for the same policies that crashed the economy this time last year.
The original article contains 347 words, the summary contains 200 words. Saved 42%. I’m a bot and I’m open source!