19 Jul 2023
Data published by the Office for National Statistics (ONS) has revealed that the UK rate of inflation fell to 7.9% in the year to June.
The inflation rate is currently at its lowest annual rate since March 2022, the ONS said.
Price rises have slowed by more than experts anticipated. According to the ONS, falling fuel prices helped the rate of inflation to drop, and food prices rose less quickly when compared to June 2022.
Core inflation also fell from 7.1% to 6.9%, the data showed.
Grant Fitzner, Chief Economist at the ONS, said: 'It is a large drop but let's forget that last month we saw no change at all in headline inflation so in some ways what we are seeing this morning is catching up with the falls we've seen in other similar countries.
'We are falling as we have seen in other countries, but it still looks like we may have the highest rate of inflation in the G7, so still some way go.'