Consumer price inflation in the UK slowed for the first time in nearly a year in August. A fall in petrol prices helped slow the overall rate but food prices continue to rise rapidly. But even with a slowdown to 9.9%, from 10.1% in July, inflation still remains close to the highest its been for a generation.
After inflation hit double digit rates earlier this year for the first time since the 1970s, many looked back to compare what’s happening now with what happened then. But this comparison is problematic because it’s not just hairstyles and fashions that have changed over the past 50 years.
