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UK consumer inflation hits slowest pace since 2016

UK consumer inflation hits slowest pace since 2016

Mubasher: The UK’s consumer price index (CPI), the headline gauge for the country’s inflation, dropped to 1.7% year-on-year in August, from 2.1% in July, official data showed on Wednesday.

This marked the slowest pace for the gauge since December 2016.

The price index, covering the costs of owner occupiers’ housing, (CPIH) 12-month rate, fell to 1.7% last August, compared with 2% in the preceding month, the Office for National Statistics (ONS) said.

The downward change in the CPIH was led by recreational and cultural goods and services, mainly games, toys and hobbies, as well as price declines of clothing and sea fares.

The rising air fares offered the biggest upward contribution, partially offsetting the drop in the 12-month rate.

By 9:34 am GMT, the GBP/USD pair dropped by 0.34% to $1.2458, while the EUR/GBP pair ticked up by 0.08% to GBP 0.8865.