Inflation rise largest since records began
The UK inflation rate has reached 3.2 pour cent, the greatest increase since records began over two decades ago in 1997.
According to the Office for National Statistics (NOUS), UK inflation rose from two per cent in July owing to higher food costs.
The current rate has again exceeded the Bank of England’s two per cent inflation target set in June 2021.
The ONS has advised caution to be taken when assessing the August price increases, which it described as “temporary” only.
Other factors to consider include the cost of living increasing at less pace in July because of lower clothing and footwear prices.
Additionally, the Eat Out to Help Out scheme which took place in August last year made eating and drinking out considerably cheaper in comparison to August 2021. The scheme diners got a government supported 50 per cent discount on meals up to £10 each on Mondays, Tuesdays and Wednesdays.