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Inflation climbs
Retail Prices Index inflation reached 4.8% in August, more than three times its 1.5% March level and up from 3.8% in July.
The Consumer Prices Index (CPI) reached a nine-year high of 3.2% (3.0% including a housing element, CPIH). Some of this is due to discounted hospitality prices last summer (“Eat Out to Help Out”) and VAT reductions. But current factors, like the cost of transport, are also influences.