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London (CNN Business)UK inflation rose at the fastest rate in at least 24 years in August as the price of transportation, restaurant meals and used cars spiked dramatically.
The annual rate of inflation rose by 3.2% in August, up from 2% in the 12 months to July, Britain's Office for National Statistics (ONS) said Wednesday. The month-on-month increase is the largest recorded since the ONS began keeping records in January 1997.
Some of the uplift reflected coronavirus relief programs that were in place last summer, such as sales tax reductions in the hospitality sector and the government's "Eat Out to Help Out" initiative, which heavily discounted restaurant meals.
But the UK economy has also been facing sustained upward pressure on prices driven by worker shortages and snarled supply chains linked …
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