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UK Inflation Holds Steady Around 10 Percent Level Due to Ease in Petrol Price

© AP Photo / Frank Augstein / A driver looks at the petrol pump at a petrol station in LondonA driver looks at the petrol pump at a petrol station in London
A driver looks at the petrol pump at a petrol station in London - Sputnik International, 1920, 14.09.2022
The Bank of England predicted in August that inflation could hit 13 percent early next year, with think-tank The Resolution Foundation warning it could be even higher. Workers across multiple sectors have launched strike action in demand of pay rises to keep up with soaring prices.
Inflation in the UK has dropped by a fraction of a point to just below 10 percent.
The Office for National Statistics (ONS) said the Consumer Price Index (CPI) rate fell from 10.1 percent in July to 9.9 percent in August, compared to the same time last year.
It said a 14.3 pence-per-litre fall in the price of petrol contributed to the slight drop — but that food prices were still rising.
"Food and non-alcoholic beverages made the largest upward contribution to the monthly rates in August 2022, while falling prices for motor fuels resulted in a large offsetting downward contribution," the ONS said.
Britain and other Western countries have seen sharp hikes in inflation this year, prompted by sanctions on Russian energy imports and market anxiety over the conflict in Ukraine.
New Prime Minister Liz Truss, a leading voice for the UK's energy embargo on Russia before she took office, has promised to cap household bills in a scheme that could cost the same taxpayers up to £150 billion.
Trader Peter Tuchman works on the floor of the New York Stock Exchange, Friday, Dec. 28, 2018.  - Sputnik International, 1920, 13.09.2022
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Think-tank The Resolution Foundation, founded to find ways to improve living standards for ordinary people, welcomed the government's plan but said it would not solve the general inflationary crisis.

"The Energy Price Guarantee should prevent a second winter surge in prices," the foundation's senior economist Jack Leslie said. "However, high inflation is set to be with us for some time, particularly for low-income who continue to be hit hardest by high prices."

The foundation warned in early August that inflation could reach 15 percent in 2023, higher than the Bank of England's forecast of 13 percent as it raised interest rates in response.
Workers across multiple sectors have already held strikes after rejecting pay offers that fall far short of the current inflation rate, although trade unions cancelled many looming stoppage days following the death of Queen Elizabeth II out of respect for royalist sentiments among the population.
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