The latest figures from the Office of National Statistics have revealed an unexpected rise in inflation, which exceeded the Government’s target level of 2.5% for the first time in over two years.
The underlying rate of inflation was 2.6% during August, up 4% points on the previous month. Falling car and petrol prices are thought to be responsible in part. The headline rate of inflation rose 0.5% points compared to July, reaching 2.1%. The Retail Price Index for August was 174.
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