The Office of National Statistics said Wednesday, that the U.K. inflation slowed slightly in August as a drop in gasoline and diesel fuel prices gave consumers the first glimmer of hope that Britain's cost-of-living crisis may be beginning to ease. The consumer price index rose 9.9 percent in the 12 months through August, the Office for National Statistics said Wednesday. Before that announcement, the Bank of England had estimated that inflation would peak at 13.1 percent later this year and trigger a recession. Tombs estimates that the inflation rate will now peak at around 11 percent next month and may drop to the Bank of England's 2 percent target by the end of next year. Gasoline prices fell 7.5 percent, to 175.2 pence ($2.01) a liter, in August as oil prices dropped on international markets, the statistics office said.

Source: The Times September 15, 2022 00:52 UTC