The cost of living increased sharply across the UK during 2021 and 2022. The annual rate of inflation reached 11.1% in October 2022, a 41-year high, before subsequently easing. Recent data shows it fell from 6.8% in July to 6.7% in August 2023. High inflation affects the affordability of goods and services for households.
UK consumer prices, as measured by the Consumer Prices Index (CPI), were 6.7% higher in August 2023 than a year before, down from 6.8% in July, and the lowest rate since February 2022. This was lower than was expected, with economists forecasting an increase to 7.0%. Measures of underlying inflation in the economy, which had risen during the spring, also eased in August. “Core” inflation, which excludes the volatile energy and food components of the CPI, unexpectedly fell from 6.9% in July to 6.2% in August. A slowing or falling inflation rate means that prices are rising more slowly than before; it does not mean that price levels are actually falling. For example, if the annual inflation rate drops from 10% to 5%, this means prices are still 5% higher compared with a year before.
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I am a life coach and am looking to expand my business by offering coaching for all different problems. I can help people live better lives by achieving their goals and benefiting from the results
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