UK inflation falls slightly as petrol prices dip

Prices continue to rise at a 40-year high, but the UK’s inflation has eased slightly new figures this morning show.

Inflation fell slightly from 10.1% in July to 9.9% in August, the Office for National Statistics (ONS) announced this morning (September 14).

A fall in petrol prices was behind the drop in inflation, the ONS said, with wholesale costs falling after recesionary fears in the US impacted on the price of oil.

The Bank of England has said that inflation could rise to a peak of 13% this year.