The Alexander McQueen fashion show during Paris Fashion Week had some big stars in the front row!
20.09.2023 - 13:19 / manchestereveningnews.co.uk
Economists across the country woke up to surprising new inflation figures this morning.
The rate of the Consumer Prices Index (CPI) fell to 6.7 per cent in August, down from 6.8 per cent in July, and the lowest rate since February last year. It comes after the Bank of England had predicted inflation to soar to around 7.1 per cent, citing an increase in motor fuel costs.
However, the Office for National Statistics said a halt on food price inflation and falling restaurant and hotel prices helped offset rising costs for petrol and diesel. The new figures are likely to have an immense impact on the Bank of England's review of the base rate tomorrow (September 21).
Read more: Inflation FALLS despite forecasts - with food price increases slowing down
Some economists are now calling for interest rates to not increase above 5.25 per cent. Suren Thiru, the economics director for chartered accountant group ICAEW, said: "This surprising drop in inflation suggests that the UK is winning the battle against soaring prices.
“Although interest rates will probably rise on Thursday, additional tightening unnecessarily risks aggravating the financial struggles facing households and businesses, given the long time lag between rate hikes and their impact on the real economy.”
Read more: Cost of living latest news as DWP and HMRC confirm £300 autumn payment dates for 2023
The key reason interest rates have consistently gone up over the past year is that the BoE wants to drive down inflation. The government previously vowed to halve inflation to 5.3 per cent by the end of the year.
In response to today's inflation figures, chancellor Jeremy Hunt said: “The plan to deal with inflation is working – plain and simple”. However, he added:
The Alexander McQueen fashion show during Paris Fashion Week had some big stars in the front row!
Stephen Graham is one of the country's most well-loved actors. He was born in Kirkby, in Merseyside, but his career has seen him become a star of stage, TV and Hollywood.
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Meghan Markle is always there for people in need.
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