Lower energy costs behind drop in annual rate in July, as wage increases finally overtake price rises
Which UK goods and services have changed most in price?Analysis: Bank may be forced to deploy its only weapon againBusiness live – latest updates
The UK’s annual inflation rate fell sharply to 6.8% in July, from 7.9% in June, as the drop in energy prices over the past year led to the smallest increase in the cost of living since February 2022.
Financial markets had been braced for a marked easing in upward price pressure last month, and the figure announced by the Office for National Statistics (ONS) was in line with their prediction.
About Author
More Stories
Nigeria sues crypto giant Binance for $81.5bn in economic losses and back tax
Xi Jinping tells Alibaba’s Jack Ma and Chinese tech chiefs to ‘show their talent’
‘We’re clearly heading towards collapse’: why the Murdoch empire is about to go bang