Last month, the pace of inflation in various goods and services decelerated, particularly in everyday essentials such as bread, potatoes, and milk. Official data reveals a significant slowdown in the prices of items like margarine and vegetable fats, which only increased by 0.3% from September of the previous year, compared to a substantial rise of 9.5% in August. Similarly, fruit and vegetable juices saw a decrease in inflation, with a rate of 11.5% in September compared to 18.4% in August. Children’s footwear also experienced a notable decline, rising by 6.6% in September as opposed to the 11.5% increase in August.
Other items, including eggs, cheese, coffee, heaters, and washing machines, witnessed a drop in inflation by at least three percentage points in September compared to August, according to the Consumer Prices Index (CPI) data published by the Office for National Statistics (ONS). This trend indicates a general decrease in the overall cost of living for consumers in various categories.
However, the pattern is not uniform across all products. Certain items experienced an acceleration in inflation rates in the year leading up to September. For instance, olive oil prices surged by 47.4% in September compared to 38.3% in August. Similarly, crisps saw a significant increase, rising by 20.1% in September compared to 14.5% in August. Other items like rice (13.0% compared to 11.2%) and pizza and quiche (8.1% compared to 1.1%) also saw inflation rates climb.
The average cost of petrol experienced a year-on-year decrease of 7.7% in September. Although this marks a decline, it is smaller than the 15.2% drop observed in August, indicating a recent uptick in petrol prices. Diesel prices followed a similar trend, with a decrease of 13.4% in the year to September, compared to a 19.0% drop in the year to August.
In summary, while inflation rates for some essential goods and services have slowed down, there are certain items, especially in the food and transportation sectors, where inflation rates have accelerated. These fluctuations underscore the dynamic nature of economic conditions and their direct impact on consumers’ daily lives, highlighting the importance of monitoring these trends for effective financial planning and decision-making.