New figures are expected to show that the rate of inflation has slowed - but economists warn any fall in the cost of living is likely to be short-lived. The Consumer Price Index (CPI), which hit a 31-month low in June before unexpectedly rising to 2.6% in July, is likely to ease back to 2.5% or less in figures for August published by the Office for National Statistics on Tuesday. But the squeeze on consumers is expected to return as droughts in the United States are likely to mean higher food prices while petrol pump prices are creeping higher and more energy price hikes are in the pipeline this autumn. Higher university tuition fees will also add to inflation next month. Victoria Clarke, economist at brokers Investec, has forecast a rate of inflation of 2.3% in Tuesday's figures, but warned CPI will begin rising early next year. The forecasts will trouble the Bank of England, which is tasked with keeping inflation as close to the Government's 2% target as possible, after it previously said the rate would fall throughout 2012 and into 2013. The Bank stepped up its quantitative easing emergency support programme in July, from £325 billion to £375 billion, which has drawn criticism by pension campaigners due to its adverse impact on inflation. The August rate is expected to drop as high airfare increases in July will be reversed and increases in clothing prices also moderate from the previous month. There will also be some downward pressure coming from gas and electricity, with prices expected to be more or less flat compared to the 1.7% and 1% respective price rises recorded between July and August last year. | 
