Inflation held steady at 2.2% in the year to August, despite a jump in the cost of flights.

The rise in air fares was offset by lower fuel prices and prices in restaurants increasing more slowly.

Separate figures showed that private rents across the UK increased by 8.4% in the year to August.

The latest inflation figure means overall prices are rising at a pace slightly above the Bank of England’s target of 2%.

But the rate is significantly lower than at the peak of the cost of living crisis in 2022.

The main movements came from air fares, in particular to European destinations, which showed a large monthly rise, following a fall this time last year. This was offset by lower prices at the pump as well as falling costs at restaurants and hotels. Also, the prices of shop bought alcohol fell slightly this month, but rose at the same time last year.”

Raw material prices also fell last month, driven by lower crude oil prices.

While rents rose sharply, house prices went up in line with general prices at a pace of 2.2% in the twelve months to July.