Inflation increased in August with CPI rising to 2.9% (2.7%) and RPI to 3.9% (3.6%). RPI’s increase takes it back to a level last seen over 5 years ago.
In contrast to these measures, ONS’s now preferred measure of CPIH increased only slightly to 2.7%. The ONS analysis of the changes said:
- Rising prices for clothing and motor fuels were the main contributors to the increase in the rate between July and August 2017.
- Air fares also rose between July and August but the rise was smaller than between the same two months a year ago and so resulted in a partially offsetting, downward contribution.
The full August ONS inflation report can be found here.