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UK inflation holds steady despite jump in air fares
Inflation holds steady despite jump in air fares
54 minutes ago
Lucy Hooker
Business reporter, BBC News
Inflation held steady at 2.2% in the year to August, despite a jump in the cost of flights.
The rise in air fares was offset by lower fuel prices and prices in restaurants increasing more slowly, the Office for National Statistics (ONS) said.
The latest figure means overall inflation remains slightly above the Bank of England’s target of 2%. … But the rate is significantly lower than at the peak of the cost of living crisis in 2022.
The latest figures come as the Bank of England is expected to keep interest rates unchanged at 5% when it meets on Thursday. … Most economists think a cut is likely at the next meeting in November.
{snip}
54 minutes ago
Lucy Hooker
Business reporter, BBC News
Inflation held steady at 2.2% in the year to August, despite a jump in the cost of flights.
The rise in air fares was offset by lower fuel prices and prices in restaurants increasing more slowly, the Office for National Statistics (ONS) said.
The latest figure means overall inflation remains slightly above the Bank of England’s target of 2%. … But the rate is significantly lower than at the peak of the cost of living crisis in 2022.
The latest figures come as the Bank of England is expected to keep interest rates unchanged at 5% when it meets on Thursday. … Most economists think a cut is likely at the next meeting in November.
{snip}