The latest figures released by the Office for National Statistics last week show that inflation for the year to August 2024 remained steady at 2.2%.
Increases in air fares compared to last year made the biggest upward contribution to the rate. However, falls in the price of motor fuels and restaurants and hotels offset this.
The Bank of England met last Thursday to review the base rate and decided to hold the rate at 5%. While inflation is slightly above the Bank’s target, this is in line with their expectations of an increase towards the end of the year before it falls again next year, and the Bank’s policymakers felt there was currently no need to make a further change.
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