According to the Office for National Statistics, the UK's inflation rate in August stayed at 2.2%.

This indicates that national price growth is outpacing the Bank of England's (BoE) 2 percent target.

But it will likely reinforce expectations that the Bank of England will hit the pause button on interest rate cuts when it decides on Thursday.

Grant Fitzner, chief economist at the Office for National Statistics, said: “Inflation held steady in August as various price fluctuations offset each other.

“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.”

Darren Jones, chief secretary to the Treasury, added: “Years of sky-high inflation have taken their toll; and prices are still much higher than four years ago.

“So, while more manageable inflation is welcome, we know that millions of families across Britain are struggling, which is why we are determined to fix the foundations of our economy so we can rebuild Britain and make every part of the country better-off.”