UK Inflation Drops to 6.7 Percent, Amid Slower Growth in Food Prices

The inflation easing came unexpectedly for some financial experts, who predicted a 7.1 percent rise in August, due to a recent increase in oil prices.

Chancellor of the Exchequer Jeremy Hunt speaking during the British Chambers Commerce Annual Global conference, at the QEII Centre, London, on May 17, 2023. Jordan Pettitt/PA Media

Britain’s high inflation rate fell from 6.8 percent in July to 6.7 percent in August, driven by a slowing rise in food prices and often-volatile hotel prices and airfares.

The news comes as a relief to consumers, who have been struggling with the impact of high inflation rate the whole year.