Inflation falling faster than we thought, says ONS

Core inflation in the UK is falling faster that expected. Calculations released on Monday by the Office for National Statistics showed that core inflation fell to 6.8% in July, from 6.9% in June and a peak of 7.3% in May. Last week’s official inflation data showed core inflation stuck at June’s level of 6.9%. It had previously fallen from 7.1% in May. The new figure was arrived at after the ONS reassessed data, looking at the common elements of inflation that existed across all the prices it measured. The Times (£)The FT (£)