The latest figures from the Office for National Statistics (ONS) show that inflation fell for the first time in nearly a year in August as lower diesel and petrol prices took some pressure off struggling households, but it remains close to its 40-year record. The ONS said Consumer Prices Index inflation reached 9.9% in the year to August, down from 10.1% the previous month.
The ONS said the biggest downward pressure on the inflation rate was the price of motor fuels, which has been falling in recent months. The 6.8% drop in fuel prices was the highest since between March and April 2020, the early days of the pandemic when oil prices briefly went negative on some markets.
Inflation has piled pressure on households around the country, whose cost of living has rocketed, mainly as a result of soaring energy costs. No part of the economy has escaped the energy crisis, which has helped push up prices of food and other items.
