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Inflation in the UK slows slightly to 9.9%, but remains close to a 40-year high

The consumer price index (CPI) fell to 9.9% in August. with 10 percent in July, the Statistical Office (ONS) reported.

The slight decline comes a month after the UK inflation rate has risen to a new high in 40 years, putting more pressure on families facing the cost of living crisis.

According to ONS data, in August CPI inflation reached the highest level since 1982.

In line with plans announced last week, to deal with soaring prices, the government will cut energy bills to £ 2,500 a year for the average household.

The policy means that families will not have to pay £ 3,549 a year, due to take effect from October.

Concerns have been expressed about the potential impact this could have on public finances as the new “Energy Price Guarantee” will cause the government to pay billions of pounds to energy suppliers to cover the gap with wholesale prices.

Carl Emmerson, deputy director of the Institute for Tax Studies (IFS), said the program could cost over £ 100bn in the first year alone. “The cost is going to be very, very uncertain,” he said.

Liz Truss has ruled out an unexpected tax on the excess profits of the energy giants, estimated by the Treasury at £ 170bn.

More to follow …

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