UK inflation hits 9-year high in August as food prices rise

The record jump that was largely fuelled by a rebound in restaurant prices. Picture: HOLLIE ADAMS/BLOOMBERG

Statisticians said the one-off effect of the government’s “Eat Out to Help Out” scheme, which briefly offered diners a discount on meals to help a sector hit by the pandemic, would vanish from next month's data. “Much of this was driven by the heavy discounts offered under the Eat Out to Help Out Scheme last summer. That said, there are also signs that inflationary pressures are increasingly broad based across many sectors of the economy,” said Hugh Gimber, global market strategist at JPMorgan Asset Management.

In August, eurozone inflation hit a 10-year high of 3%, though data on Tuesday showed US underlying consumer prices increased at their slowest pace in six months, suggesting inflation there may have peaked. In August 2020 the government offered diners a 50% discount of up to £10 per head on meals to kick-start the economy. A year later, the absence of these discounts meant restaurant prices comprised more than half of the 1.2 percentage point rise in headline inflation last month.

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