Inflation rate drops further than expected, to 7.9%, new figures show
That is a fall from 8.7% in May, using the consumer price index, a method for measuring how fast prices are going up.
Grant Fitzner said this was the lowest annual rate of inflation since March 2022. That was the first month after Ukraine was invaded and sent energy prices soaring.Food price inflation has also eased but it remains "at very high levels", he added. "The best and only way we can ease this pressure and get our economy growing again is by sticking to the plan to halve inflation this year."Bank of England 'losing control of inflation' as food costs heap economic misery on Brits
Shadow chancellor Rachel Reeves said: "Inflation has been persistently high and remains higher than our international peers. This is becoming a hallmark of Tory economic failure."Today's numbers confirm what families across the country already know - that prices are still going up at staggering rates and that they're bearing the brunt of those costs.
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