The Consumer Prices Index (CPI) rose by 2.2% in the 12 months to August 2024, unchanged from July, and still slightly above the Bank of England 2% target.

The stand-out figure was a 22.2% rise in airfares, which had fallen this time a year ago.

‘Fares usually rise between these months, but this was the second largest rise since the monthly collection of prices began in 2001,’ the Office for National Statistics said. ‘The increase came principally from European routes.’

A year ago, air fares fell by 2.1% between July and August 2023. This was only the second time that fares had fallen between these months; the other occasion was in 2020 when price movements were affected by the pandemic.