The UK’s inflation rate has fallen for the first time in nearly a year owing to a drop in fuel prices, though it remains close to its 40-year record and food prices keep rising.
According to the Office for National Statistics (ONS), the UK’s Consumer Prices Index (CPI) rose by 9.9 percent in the 12 months to August 2022, down from 10.1 percent in July.
The ONS said the biggest downward pressure on the inflation rate was the prices of motor fuels, which have been falling in recent months.
The 6.8 percent drop in fuel prices was the highest since between March and April 2020, the early days of the COVID-19 pandemic….