Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Latest NewsEconomics, government & businessInflation

Inflation growth stalls as petrol prices fall

by Rob Moss 14 Sep 2022
by Rob Moss 14 Sep 2022 The inflation rate in August 2022 fell to 9.9%
Luis Louro / Shutterstock
The inflation rate in August 2022 fell to 9.9%
Luis Louro / Shutterstock

The rate of inflation has unexpectedly flattened – primarily due to falling fuel prices – despite predictions it would soar further towards the end of the year.

The consumer prices index (CPI) fell 0.2 percentage points to 9.9% in the year to August, although the cost of living is still rising at a 40-year record rate.

The retail prices index (RPI), the measure of inflation often quoted in pay negotiations, was unchanged compared to the previous month at 12.3%.

The Office for National Statistics said the easing in the annual inflation rate in August 2022 reflected principally a fall in the price of petrol and diesel.

Smaller upward effects came from price rises for food and non-alcoholic beverages – which rose by 13.1% for August up from 12.7% in July – miscellaneous goods and services, and clothing and footwear.

Inflation in 2022

Pay pressures mount as bank predicts 22% inflation

How will the cost of living crisis impact the ‘real’ Living Wage?

The Bank of England, which delayed its interest rate review following the Queen’s death last week, had predicted that CPI could peak at 13.3% in the coming months, and various banks have predicted even higher inflation in recent weeks.

Liz Truss’s announcement last week of an energy price cap however, starting 1 October, is expected to have dampened inflationary pressures, if only slightly. The new Prime Minister capped energy bills at £2,500 for the typical household per year, for the next two years.

Her new Chancellor, Kwasi Kwarteng, is expected to deliver a mini-budget late next week, before MPs break for party conferences, which is also expected to introduce measures to tackle the cost of living.

TUC general secretary Frances O’Grady said: “Inflation is still very high and hitting family budgets hard. The Chancellor’s mini budget next week should use the power of government to help with surging costs this winter.

“He should fund a proper cost of living increase for public sector workers. He should bring forward an immediate increase to the minimum wage this autumn. And he should boost universal credit now, instead of waiting until April for the next rise.”

Dr George Dibb, head of the Centre for Economic Justice at IPPR, said: “Many people will welcome CPI inflation easing slightly this month, falling from 10.1% to 9.9%, including the Bank of England who are deciding whether to raise interest rates next week. However, this headline figure has been pulled down by falling petrol prices, and it hides worrying news that the prices of food and clothing are continuing to accelerate upwards.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

“High inflation means high prices, and without intervention this will lead to more hardship, more poverty and more destitution. The government’s price cap on energy for households and businesses is a welcome step but it won’t instantly reduce the inflation in essentials such as food and clothing that we see today. This goes to show why the price cap policy alone is not enough. The most vulnerable households on the lowest incomes still require more support through the welfare system.”

Compensation and benefits opportunities on Personnel Today


Browse more compensation and benefits jobs

Rob Moss

Rob Moss is a business journalist with more than 25 years' experience. He has been editor of Personnel Today since 2010. He joined the publication in 2006 as online editor of the award-winning website. Rob specialises in labour market economics, gender diversity and family-friendly working. He has hosted hundreds of webinar and podcasts. Before writing about HR and employment he ran news and feature desks on publications serving the global optical and eyewear market, the UK electrical industry, and energy markets in Asia and the Middle East.

previous post
Right to work: A checklist for employers
next post
Redundancies proposed at Clarence House

You may also like

Pay awards in real terms could fall for...

21 May 2025

ONS: Slower wage growth but rising unemployment

13 May 2025

Private sector median pay increases remain at 3.5%

6 May 2025

NI increase has not caused ‘knee-jerk reaction’ in...

23 Apr 2025

Rosier growth figures don’t take into account Trump’s...

11 Apr 2025

Spring Statement: no relief on employers’ tax hikes

26 Mar 2025

‘Light relief’ for workers as inflation drops

26 Mar 2025

ONS data: Wage growth and job vacancies stabilise

20 Mar 2025

Jobs market ‘in recession territory’, says think tank

17 Mar 2025

Private sector pay rises remain at 4%

10 Mar 2025

  • 2025 Employee Communications Report PROMOTED | HR and leadership...Read more
  • The Majority of Employees Have Their Eyes on Their Next Move PROMOTED | A staggering 65%...Read more
  • Prioritising performance management: Strategies for success (webinar) WEBINAR | In today’s fast-paced...Read more
  • Self-Leadership: The Key to Successful Organisations PROMOTED | Eletive is helping businesses...Read more
  • Retaining Female Talent: Four Ways to Reduce Workplace Drop Out PROMOTED | International Women’s Day...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+