UK inflation fell more than expected in June

Annual inflation in the UK fell to 7.9 percent in June, beating expectations.

According to the British Office for National Statistics (ONS), annual inflation, which was 8.7 percent in May, was 7.9 percent in June. The expectation was that inflation would reach 8.2 percent in June.

Although the fall in fuel prices contributed the most to the decline in inflation, food prices increased in June.

DECREASE IN CORE INFLATION

Core inflation fell to 6.9 percent in June. Core inflation hit 7.1 percent in May, its highest level since March 1992.

Inflation in the services sector was 7.2 percent in June. In May, inflation in the service sector was registered at 7.4 percent.

Food inflation, which was 17.3 percent in June, fell slightly from 18.3 percent in May.

INFLATION AT THE LOWEST LEVEL SINCE MARCH 2022

In his assessment of the data, ONS Chief Economist Grant Fitzner said that inflation has reached its lowest level since March 2022, with core inflation also showing a slowdown in June after reaching its highest level. in 30 years last month.

Fitzner noted that despite the slowdown in food inflation, it remains high. (AA)