""The cost of airfares was the main downward driver this month with prices rising less than a year ago following the large increase in July linked to the timing of the summer holidays. This was offset by a rise in prices at the pump and the cost of hotel accommodation falling less than this time last year. Food price inflation climbed for the fifth consecutive month, with small increases seen across a range of vegetables, cheese and fish items.""
""I know families are finding it tough and that for many the economy feels stuck. That's why I'm determined to bring costs down and support people who are facing higher bills.""
""Food inflation climbed above 5% in August for the first time in 18 months as rising employment costs and poor harvests drove up retailers' costs. With food inflation now outpacing wages, many families will be struggling with the rising cost of living.""
Official figures show the Consumer Prices Index (CPI) was 3.8% in August. Airfares fell after a July spike, helping to offset higher petrol and diesel prices. Hotels and restaurants faced upward pressure as demand for meals out and overnight stays remained high amid numerous concerts. Food price inflation climbed for a fifth consecutive month with small increases across vegetables, cheese and fish. Government measures aim to reduce costs and support households facing higher bills. Critics link rising costs to taxation and borrowing. Retail groups cite rising employment costs and poor harvests driving food inflation above 5% and outpacing wages.
Read at London Business News | Londonlovesbusiness.com
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