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Rising petrol and diesel prices prevent ease in inflation

The price of motor fuels fell by 16.4% in the year to August 2023. This was a decreased fall when compared with the 24.9% fall in the year to July.

This was because of rises in the price of petrol and diesel between July and August 2023.

This is according to our Consumer Prices Index including owner occupiers’ housing costs (CPIH) release.

The average price of petrol rose 5.3 pence per litre between July and August 2023 to 148.5 pence per litre. The average price of diesel rose 5.9 pence per litre to 151.1 pence per litre in the same period.

Between the same two months last year, prices of petrol and diesel both fell from record highs, by 14.3 pence per litre and 11.3 pence per litre, respectively.

Overall, transport prices rose 0.2% between July and August 2023, almost entirely because of higher petrol and diesel prices.

Gas and electricity prices rose at 1.7% and 6.7%, respectively, in the year to August 2023. These were both unchanged from July.

Between June and July 2023, gas prices fell at record rates of 25.2%. This was largely because of the lowering of the Office of Gas and Electricity Markets (Ofgem) price cap in that month.

This was the largest monthly fall in gas prices since at least 1988, when data were first collected. In the same period, electricity prices fell by 8.6%.

Almost half (47%) of adults in Great Britain are using less fuel such as gas or electricity in their homes because of the rising cost of living.

This is according to those asked between 6 and 17 September 2023 as part of our latest Public opinions and social trends bulletin.

Among those who pay energy bills, around 4 in 10 (42%) reported they were difficult to afford. This is slightly lower than in a similar period last year (48% between 31 August and 11 September 2022).

Average electricity and gas payments by Direct Debit fell by seven percentage points between July and August 2023 according to data from Pay.UK and Vocalink.

This is after energy payments rose from £108 in May 2020 to £193 in July 2023.

The proportion of electricity and gas Direct Debits failing because of insufficient funds has risen by 1 percentage point between February 2019 and August 2023.

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