 Inflation in Britain has fallen to 7.9% in the year up to June, according to the Office for National Statistics (ONS). This is a bigger drop than expected – down from May's figure of 8.7% – and with analysts forecasting a figure of 8.2% this month. ONS chief economist Grant Fitzner said: 'Inflation slowed substantially to its lowest annual rate since March 2022, driven by price drops for motor fuels. 'Meanwhile, core inflation also fell back after hitting a 30-year high in May. 'Food price inflation eased slightly this month, although it remains at very high levels. 'Although costs facing manufacturers remain elevated, especially for construction materials and food items, the pace of growth has fallen across the last year, with the overall cost of raw materials falling for the first time since late 2020.' Got a story? Get in touch with our news team by emailing us at webnews@metro.co.uk. Or you can submit your videos and pictures here. For more stories like this, check our news page. Follow Metro.co.uk on Twitter and Facebook for the latest news updates. You can now also get Metro.co.uk articles sent straight to your device. Sign up for our daily push alerts here.){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
Inflation in Britain has fallen to 7.9% in the year up to June, according to the Office for National Statistics (ONS).
This is a bigger drop than expected – down from May’s 8.7% – with most analysts forecasting a figure of 8.2% this month.
It is the lowest reading since March 2022, indicating that price rises may finally be slowing down.
ONS chief economist Grant Fitzner said after the announcement: ‘Inflation slowed substantially to its lowest annual rate since March 2022, driven by price drops for motor fuels.