The U.K. consumer price inflation rose by 9.9 percent in the 12 months to August, easing slightly from 10.1 percent in July, when it reached a 40-year record, according to data released Wednesday by the Office for National Statistics (ONS).
The major contributors to inflation were increased household services costs, transport, food and non-alcoholic beverages, the ONS said, while falling petrol prices pushed the figure lower.
The ONS said the Consumer Price Index, including owner occupiers’ housing costs, rose by 8.6 percent in the 12 months to August, down from 8.8 percent in July.
Inflation has been spiking across Europe and the U.S., in large part as a result of Russia’s war on Ukraine.
The Bank of England projects inflation to accelerate to 13 percent in the final quarter this year and remain at very elevated levels throughout much of 2023 before falling to the 2 percent target in 2024.