The UK inflation rate fell to 7.9% in June, according to data released by the Office for National Statistics (ONS) today. This is a sharp drop from 8.7% in May, and is the lowest level of inflation since March 2022.
Economists had expected a decline to 8.2%.
The main drivers of the fall in inflation were a decline in energy prices, which were down 5.2% year-on-year, and a slowdown in the pace of price growth for food and other goods.
Core inflation also fell to 6.9% from 7.1%.
The prognosis for interest rates is that the Bank of England will raise rates by another 0.25%, with peak rates topping out at below 6%.
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