Britain’s Inflation Rate Slows Slightly to 9.9 Percent

Consumer prices in Britain rose 9.9 percent in August from a year earlier, a slight easing of the inflation rate and the first decline in nearly a year, signaling that inflation may have reached its peak, or be very near it, the New York Times reported. While this sign of a turnaround in the trajectory of inflation is likely to bring some relief to lawmakers and policymakers, it will provide only limited comfort to consumers. With prices rising at the fastest pace in 40 years, households are still feeling the squeeze on their budgets, and the Bank of England will remain under pressure to raise interest rates. The inflation rate fell from 10.1 percent in July, the Office for National Statistics said on Wednesday. A decline in the price of motor fuels pulled down the inflation rate, as well as smaller upward contributions from the price of food and clothing. The inflation rate last declined in September 2021, when the effects of the end of widespread discounting in restaurants the previous summer dropped out of the annual calculations of price changes. Read more.