Inflation hits 4.7% as Govt target disappears over horizon

Consumer Price Index (CPI) annual inflation rose to 4.7% last month from 4.4% in July, the Office for National Statistics (ONS) says, as rises in gas and electricity bills took effect. However, retail prices index (RPI) inflation fell to 4.8% per cent in August, down from 5% in July. Electricity prices rose 18%, up from 12.6% in July, the ONS says, while Gas inflation soared to 27.7% in August, up from 12.9% in July. Food inflation continued to move upwards, reaching a record 14.5% on the year, up from 13.7%, largely due to a rise in cereals and breads, particularly breakfast cereals and...