Martin Lewis has dubbed the latest inflation figure ‘good news’ after the Office for National Statistics announced that Consumer Prices Index inflation for June was 7.9%, down from 8.7% in May and its lowest rate since March 2022.
He added: “That looks like it will take pressure off interest rate rises and hopefully we will see a positive response from the market, but you can never truly judge the market.Most economists had expected the rate of inflation to fall to 8.2% in June. The ONS said falling fuel prices was the biggest driver behind the drop, while food price inflation also pared back to 17.3% from 18.7% in May, though still painfully high.
June’s figures could see the Bank of England opt for a smaller increase in interest rates at its next meeting in August after June’s half a percentage point shock hike to 5%, according to experts. Commenting on the figures, Chancellor Jeremy Hunt said: “We aren’t complacent and know that high prices are still a huge worry for families and businesses.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheSun - 🏆 64. / 61 Read more »
Source: OilandEnergy - 🏆 34. / 68 Read more »
Source: BBCNews - 🏆 3. / 97 Read more »
Source: BBCScienceNews - 🏆 87. / 53 Read more »
Source: NUFCTheMag - 🏆 124. / 51 Read more »
Source: Planet_F1 - 🏆 126. / 51 Read more »