“This data confirms no respite yet for those households and businesses struggling with eyewatering financial pressures, as rising fuel costs helped keep inflation dishearteningly above the Bank of England’s 2% target.
“August’s unchanged outturn could be followed by an unnerving upswing this month with skyrocketing business costs and food prices likely to see inflation breach the 4% mark in September, despite a weakening economy.
“Slowing services and core inflation offers a rare silver lining as it suggests that underlying price pressures are becoming less sticky. The squeeze from a cooling jobs market should help keep it on a downward path.
“These figures are the final nail in the coffin for hopes of a rate cut tomorrow, and with the vote split among rate setters likely to confirm a hawkish hold, another policy loosening this year looks remote.”
ENDS
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