Inflation in the UK has fallen to its lowest level since March 2022.
The Consumer Prices Index announced this morning by the Office for National Statistics shows a rise of 7.9% in the year to June, down from the 8.7% recorded in May.
The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 7.3% in the 12 months to June 2023, down from 7.9% in May.
The fall is even better than economist were predicting. The consensus expectation was for a rise of 8.2%.
And there is some good news for supply chains. The cost of raw materials fell by 2.7%, down from a rise of 0.4%.
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