Overall inflation down slightly – Food prices still rising sharply

ONS Consumer Price Index (CPI) figures

Source: Consumer price inflation from the Office for National Statistics

Inflation at August 2023

Inflation remains a tremendous worry for all UK households, with the prices of all goods continuing to rise alarmingly fast, particularly in the food sector. In some sectors inflation has continued to increase month-on-month from July to August.

The Office for National Statistics UK Consumer Price Inflation rate for August 2023 has dropped from 6.8% to 6.7%. Food inflation has eased for the fifth month in a row, dropping to 13.6%, but it’s still at risk of being pushed back up by rising oil prices. Hopefully, with this in mind, we will see some more price competition across supermarkets.

Commenting on today’s inflation figures for August, ONS Chief Economist Grant Fitzner said:

“The rate of inflation eased slightly this month driven by falls in the often-erratic cost of overnight accommodation and air fares, as well as food prices rising by less than the same time last year.

“This was partially offset by an increase in the price of petrol and diesel compared with a steep decline at this time last year, following record prices seen in July 2022.

“Core inflation has slowed this month by more than the headline rate, driven by lower services prices.”

The inflation rate has fallen. So, although many items are still getting more expensive, the pace at which the prices are increasing has slowed slightly.

The figure on which the Bank of England (BoE) focuses most closely is “core inflation”, which disregards food and energy, but includes items such as meals out, clothes and entertainment. That figure has reduced from 6.9% to 6.2%.

Inflation remains high, well above the BoE’s target of 2%. So, there are questions around whether the BoE will raise interest rates again tomorrow, as those with mortgages and other loans wait nervously to find out.

UK food price inflation – good news on the horizon? 18/07/23

Supermarkets still making a packet on premium food 15/06/23

How you can save money on your supermarket and food shop o8/06/23

Loyalty cards, rewards and apps – which supermarket has the best? 08/06/23

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