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The Independent

Falling gasoline costs take edge off inflation highs

Inflation fell from its latest highs in August as diesel and petrol costs dropped over the month, however nonetheless stays near its 40-year report.

The Office for National Statistics (ONS) stated Client Costs Index inflation reached 9.9% within the 12 months to August, down from 10.1% the earlier month. Experts had anticipated the determine to be unchanged between the 2 months.

The ONS stated the largest downward strain on the inflation charge was the value of motor fuels, which has been falling in latest months.

The 6.8% drop in gasoline costs was the best since between March and April 2020, the early days of the pandemic when oil costs briefly went damaging on some markets.

“The easing within the annual inflation charge in August 2022 mirrored principally a fall within the value of motor fuels within the transport a part of the index,” the ONS stated.

“Smaller, partially offsetting, upward results got here from value rises for meals and non-alcoholic drinks, miscellaneous items and companies, and clothes and footwear.”

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