Core inflation, which excludes volatile food and energy prices, saw a decline from 6.9% in July to 6.2%.
The pound fell against the euro as investors scaled back bets on future rate hikes by the Bank of England.
The surprise drop in the inflation rate to its lowest since February 2022 pushed sterling to its lowest against the US dollar since May. The pound also fell against the euro as investors scaled back bets on future rate hikes by the BOE. That looked much less certain in light of the inflation data. Investors put a roughly 45% chance on the BOE pausing its run of rate hikes on Thursday, up from about 20% before the inflation figures were published.
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