U.K. Consumer Price Inflation Edges Lower in August

Consumer prices in Britain fell slightly in August, the government said Tuesday.

Inflation at the consumer level fell to 1.8% in August from 1.9% in July, keeping the figure below the government's target of 2% for the second consecutive month.

The decline makes an interest rate rise unlikely. The Bank of England has raised its base rate five times in less than a year. It currently stands at 5.75%.

Britain's Retail Price Index, which includes mortgage interest payments, rose to 4.1% from 3.8% in July, the Office for National Statistics said.

Retail prices excluding mortgages remained unchanged in August at 2.7%.