UK inflation falls unexpectedly, though rates still set to rise

Inflation in Britain has fallen unexpectedly to its lowest level since Russia invaded Ukraine. Britain’s Office for National Statistics says inflation was 6.7% in August, down from 6.8% in July. It raised hopes that the Bank of England’s widely expected interest rate increase on Thursday will be its last — for now. The decline took inflation to its lowest level since February 2022, when Russia’s invasion of Ukraine led to soaring energy and food prices.