Weekly Economic and Construction Update – 22 September 2023

Weekly Economic and Construction Update – 22 September 2023

Date Published

22 September 2023

Document Type

Category

Author

TDUK
Summary

UK CPI inflation slowed marginally from 6.8% in July to 6.7% in August, compared with macroeconomic forecasters’ consensus beforehand of a rise to 7.0%. This is despite the rise in Brent crude oil prices during August.

The slight slowdown in price growth was primarily driven by restaurant prices in the month and moderate price rises in goods and services related to pets and recorded media.

Furthermore, core CPI inflation, which the Bank of England monitors closely to see medium-term inflation prospects, slowed from 6.9% to 6.2% whilst macroeconomic forecasters’ consensus beforehand was for no change.