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UK's inflation surges at record rate in August

UK's inflation surges at record rate in August

Mubasher: The UK's inflation rate soared by 3.2% in August, posting the highest increase since records started in 1997, following a 2% jump in July, CNBC reported on Wednesday, citing official data. 

The leap is expected to be temporary as the reopening of the country pushed food and energy prices higher, according to the Office for National Statistics (ONS).

The figure is again above the Bank of England’s (BoE) target of 2%. 

In August 2020 many prices in restaurants and cafes were discounted because of the government’s Eat Out to Help Out (EOHO) scheme, which offered customers half-price food and drink to eat or drink in (up to the value of GBP 10) between Mondays and Wednesdays,” the ONS said in its statement.

Because EOHO was a short-term scheme, the upward shift in the August 2021 12-month inflation rate is likely to be temporary.”