What was the inflation rate in August?
The inflation rate in August held steady at 2.2%.
How does the August inflation rate compare to the Bank of England's target?
The August inflation rate of 2.2% remains above the Bank of England's target of 2%.
Why is the inflation rate significant for the economy?
The inflation rate is significant because it affects purchasing power, interest rates, and overall economic stability, influencing decisions made by consumers and policymakers.
What might the Bank of England do in response to inflation being above target?
In response to inflation being above target, the Bank of England may consider adjusting interest rates or implementing other monetary policy measures to help control inflation.
What are the potential implications of sustained inflation above the target?
Sustained inflation above the target can lead to increased cost of living, reduced consumer spending, and potential economic instability, prompting the central bank to take action.