Inflation Rises To 4.5% In August

Inflation rose to 4.5% in August from 4.4% in July according to the Office for National Statistics which also showed that there was a 3.7% increase in clothing and footwear while petrol and energy costs also increased.

The Retail Prices Index which also includes mortgages increased from 5% in July to 5.2% in August.

“The rate is likely to move higher in coming months as utility bills continue to increase, putting further pressure on already-strained household budgets,” said Chris Williamson, chief economist at Markit.

 

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