According to reports, inflation in the United Kingdom slowed slightly in August 2022 as a drop in gasoline and diesel fuel prices has given consumers the first glimmer of hope that the cost of living crisis in the United Kingdom might start to ease.
The consumer price index increased by 9.9 percent in 12 months through August 2022, which is down from the 40-year high of 10.1 percent reported, and was lower than the expectations of economists.
The United Kingdom has been hit hard by worldwide price shocks, which were triggered by the Ukraine and Russia war, with consumer prices increasing at a faster pace than other large economies over 2021. Low gasoline prices also slowed US inflation for second month, but consumer prices that were increased to 8.3 percent from a year earlier were still very high in the countries like in the United Kingdom.
Liz Truss, prime minister of the United Kingdom announced a cap on household gas and electricity prices to cut off an 80 percent increase in the home energy prices.
Samuel Tombs, chief economist for Pantheon Macroeconomics in the UK, said the headline rate of CPI inflation decreased in August 2022 for the first time since September 2021, and it looks like it will decrease sharply in 2023. He also estimates that the inflation rate will peak at around 11 percent in October 2022, and inflation may drop to the 2 percent target of the Bank of England (BOE) by 2023.
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