UK inflation rate drops to 6.7% in August 2023
The consumer prices index (CPI) measure of inflation fell from 6.8 % to 6.7% in August 2023, according to the Office for National Statistics (ONS).
It is important to remember that CPI is calculated by looking at the price increases over the last 12 months. So, this reduction in inflation simply means that prices rose less in August 2023 than August 2022.
The two biggest contributing factors to this decrease were food and accommodation services.
Inflation is still substantially higher than the Bank of England’s 2% inflation target.
Farrell Financial Planning do not give advice on future inflation or interest rate movements. Farrell Financial Planning are independent financial advisers (IFAs) based in Glasgow, Scotland.
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All information is correct as at 20/09/23.