ALBAWABA - Inflation in the UK slowed to 6.7% in August, which is lower than expected and a slight decline from the previous month. On a monthly basis, the main consumer price index rose by 0.3%.
Economists surveyed by Reuters had anticipated the headline figure to be at 7% annually, with a 0.7% increase on a monthly basis, amidst a slight uptick in prices.
July had seen a year-on-year increase of 6.8% and a 0.4% decrease on a monthly basis. The core consumer price index, which excludes volatile food, energy, alcohol, and tobacco prices, stood at 6.2% for the 12 months ending in August, down from 6.8% in July.
The Bank of England will announce its next monetary policy decision on Thursday, as policymakers continue their efforts to bring inflation back towards the bank's target of 2%.
Additionally, the pound sterling depreciated against the dollar to its lowest levels in approximately 4 months after inflation in the UK slowed to 6.7% in August, contradicting expectations of a rise to 7%, primarily due to falling food prices.
