U.K. inflation hit 8.6 percent in August, down from 8.8 percent in July, according to figures by the ONS this morning.
The Consumer Price Index rose by 9.9 percent in the 12 months to August, slightly down from 10.1 percent in July, when the figure hit a 40-year high.
Falls in the price of petrol and diesel were the main risen for the drop in the rate
However Inflation in food and non alcoholic drinks is now 13.1%, with milk, cheese and eggs driving the surging prices
Jack Leslie, Senior Economist at the Resolution Foundation, said:
“High inflation continues to drive Britain’s cost-of-living crisis, but the outlook has brightening considerably over the past week.
“The Energy Price Guarantee should prevent a second winter surge in prices, while factory gate inflation is starting to ease.
“However, high inflation is set to be with us for some time, particularly for low-income who continue to be hit hardest by high prices. Having delivered £2,200 worth of cost-of-living support for every household this year, the government will need to consider what support will be needed next year too.”
Unite general secretary Sharon Graham said:
“Rocketing inflation may have been eased last month but that won’t last. Current levels continue to threaten the living standards of millions of workers. This is now a crisis of income. Only the rich and powerful are protected. It’s time for the rest of us to organise into trade unions and take back our share of the corporate profits we create.”