Inflation in the UK slows slightly

The consumer price index (CPI) in the United Kingdom weakened slightly in August, but is still at a high level.

The CPI slowed slightly to 9.9% in August from 10.1% in July.

The CPI rose 0.5% from July to August, below economists’ forecasts of a 0.6% increase, the same rate as the previous month.

Prices for oil and automotive lubricants fell by 6.8% in August. This was the sharpest monthly decline since April 2020.

The UK continues to struggle with the highest inflation among major advanced economies, and financial markets expect the BoE to raise interest rates again next week. This week, the BoE postponed its interest rate decision due to the death of Queen Elizabeth II.

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