The consumer prices index 12-month rate was 1.7% in August, down from 2.1% in July, according to data published by the Office for National Statistics. The consensus estimate of analysts polled by Econoday had been for growth of 1.9%. On a monthly basis, consumer price inflation was up 0.4% compared to 0% a month earlier and analysts' forecast for 0.5% growth.
Small downward effects came from restaurants and hotels, where the main effect came from accommodation services, with prices falling by more between July and August than a year ago, according to the ONS' report.
Housing and household services was another source of downward pull, where the main effect came from owner-occupiers' housing costs, with prices rising this year but by less than in 2018. Alcoholic beverages and tobacco prices meanwhile rose by 0.2% between July and August 2019 compared with a larger rise of 0.6% between the same two months a year ago.
"Today's update plays nicely into the hands of the BoE [Bank of England] MPC's [Monetary Policy Committee's] doves ahead of tomorrow's meeting," commentary from Econoday stated. "Even so, with wages having accelerated quite sharply in recent months, it will probably not be deemed as soft enough to justify removing the Committee's current tightening bias."
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